How to Talk to Your Partner about Credit Card Debt |
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by: Janna Weiss
Did you know that money squabbles are the leading cause of divorce in America? It’s sad that money can cause so many problems. If you’re dealing with a large amount of credit card debt, things might get pretty stressful when the topic comes up. You might feel like you can’t talk to your partner without starting a fight. If this sounds familiar, try these helpful suggestions for calmly discussing credit card debt with your significant other.
To start things off on the right foot, you need to be honest about the amount of debt you’ve accumulated. The goal is to have a completely open and honest discussion that fosters trust. You cannot hide your debt from your partner and expect them to trust you. If you’ve been amassing secret debt, now is the time to come clean – just know that your partner might feel angry and betrayed.
Next, look at your financial statements to see how much debt you can afford to repay each month. Get rid of unnecessary expenses so that you can route more money to your credit card bills. Make at least double the minimum required payment. Anything less, and interest rates and finance charges might sabotage your progress.
Make a repayment plan that you both can live with. Some couples like to tackle their smallest credit card balances first, for the sense of accomplishment they get when they pay off a card. Others prefer to chip away at large balances first.
Finally, compare your spending philosophy with your partner’s. Are you a shopaholic who lives for the moment, while your partner scrimps and saves every penny? Your childhood may have more to do with your current spending habits than you’d think. Maybe you were indulged as a child, while your partner grew up in a poor household where frugality was required. Chances are, your partner isn’t trying to put a damper on your fun. They’re just taking a long view and trying to secure a better tomorrow. Listen to each other’s thoughts with an open heart, and never assume the worst.
Now that you’ve fessed up about your credit card debt and made a plan to tackle it, you can breathe a sigh of relief. Chances are, you’ll feel more relaxed, and your relationship with your partner will be smoother than ever. If you still have frequent fights about money, couples therapy is an excellent way to improve your communication skills – and your marriage.
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