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re: Help spouse pay off debt?
Posted on 2/20/15 at 6:22 pm to LSU6262
Posted on 2/20/15 at 6:22 pm to LSU6262
quote:
My future wife has about $17k of debt that is around ~$600/month for min payments. I plan on helping her consolidate the debt. She has agreed, once we are married, to give me her credit cards and let me manage it for her.
I make twice what she makes though and I am in a position to help her pay off the debt quicker. "What's mine is hers" anyway, right? Is this a good idea? I'm thinking, once her debt is paid off, she could take her extra to help me pay down my mortgage.
Eta: waiting until actually married (less than a month) to help
Good reason not to get an expensive ring. You clearly need the money for much more relevant matters.
1
Posted on 2/20/15 at 6:56 pm to Big Scrub TX
After you're married, pay it off. Then have a serious talk with her about how she ended up with all that debt: was it frivolous spending, a period of unemployment, or what? Simply taking away the credit cards won't stop a person who has impulsive buying habits. Don't attack, but do probe deeply into the how and why. And then consider asking her to use the money previously spent on CC debt to something that also benefits you, like mortgage paydown, additional retirement funds, or just fleshing out a cash reserve. Help her to make better financial decisions by sharing your financial rationale.
Posted on 2/20/15 at 7:08 pm to LSU6262
I don't think I could ever marry someone who is not on the same page as me financially. And I have zero debt. So.
Posted on 2/20/15 at 7:10 pm to LSU6262
I need to tell my wife I love her tonight. She brought in a 401k worth about 10k and about 16k in mutual fund savings to our marraige.
Posted on 2/20/15 at 8:15 pm to LSU6262
I absorbed almost $30k of debt when my wife and I married 16 years ago. All of it on credit cards and her minimum payments didn't cover the interest. I got her interest lowered initially and then put the balance of different "life of the loan" accounts in my name. Only problem is your FICO will drop and hers will rise.
Posted on 2/20/15 at 9:27 pm to CypressTiger665
quote:
problem is your FICO will drop and hers will rise.
I'm expecting this. My FICO is 780 right now, but I don't have any plans to make any major purchases in the near future.
Posted on 2/20/15 at 9:34 pm to AngryBeavers
quote:
Once you're married it's your debt too.
FACKED!!!!!!!!!!!!!!
Posted on 2/20/15 at 9:56 pm to Fat Bastard
quote:
FACKED
Posted on 2/20/15 at 10:03 pm to LSU6262
Get to life lock or pre auth on her credit pulls. Then just put it in your name. If she gets it pulled or tries to you'll know the who/what/when/where. If she tried several times, it may be time for a discussion.
Posted on 2/20/15 at 10:48 pm to LSU6262
Pics?
IRL, me and the Lottery Winner (my SO) amalgamated finances well before marriage. Total transparency is what you should require from her now, and I'd go ahead and pay the debt off. $17k is not that much money, if the relationship breaks badly, you bought her the equivalent of a used Accord.
Tell her that in you assisting her to pay down this debt that once a month you get to pick a selection from the bedroom "special favors" collection. Never let a crisis go unexploited.
IRL, me and the Lottery Winner (my SO) amalgamated finances well before marriage. Total transparency is what you should require from her now, and I'd go ahead and pay the debt off. $17k is not that much money, if the relationship breaks badly, you bought her the equivalent of a used Accord.
Tell her that in you assisting her to pay down this debt that once a month you get to pick a selection from the bedroom "special favors" collection. Never let a crisis go unexploited.
Posted on 2/21/15 at 6:48 am to soccerfüt
IMO the debt isn't the biggest issue, it's the habit that got your future wife there that would concern me.
If you feel she has corrected her ways and I wouldn't assume this I would have a talk about it long before we got married I would be more than willing to marry her and help her with the debt. However if the habit that created the debt isn't fixed that would be a reason to bail for me.
Agree with others talk about the debt but until you are married don't pay for it too much can happen before hand. If you are concerned about correcting her spending habit enroll BOTH of you in Dave Ramseys FPU it would be a good wedding gift.
If you feel she has corrected her ways and I wouldn't assume this I would have a talk about it long before we got married I would be more than willing to marry her and help her with the debt. However if the habit that created the debt isn't fixed that would be a reason to bail for me.
Agree with others talk about the debt but until you are married don't pay for it too much can happen before hand. If you are concerned about correcting her spending habit enroll BOTH of you in Dave Ramseys FPU it would be a good wedding gift.
Posted on 2/21/15 at 3:03 pm to soccerfüt
quote:
Tell her that in you assisting her to pay down this debt that once a month you get to pick a selection from the bedroom "special favors" collection.
You backdoor pirate
Posted on 2/22/15 at 5:48 am to LSU6262
quote:
My future wife has about $17k of debt that is around ~$600/month for min payments. I plan on helping her consolidate the debt. She has agreed, once we are married, to give me her credit cards and let me manage it for her. I make twice what she makes though and I am in a position to help her pay off the debt quicker. "What's mine is hers" anyway, right? Is this a good idea? I'm thinking, once her debt is paid off, she could take her extra to help me pay down my mortgage.
Funny.. I'm in the same boat. But why are women so bad with money?
Posted on 2/22/15 at 6:22 pm to LSU6262
quote:
I would not marry her, this is something you'll deal with the rest of your life or marriage.
I agree with this based on past experience.
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