How Couples can collaborate in Debt Repayment Advertiser disclosure : You're our number one priority. Every every time. We believe that everyone should be able to make financial decisions without hesitation. While our website doesn't feature every company or financial product in the marketplace however, we're confident of the advice we provide, the information we provide and the tools we create are objective, independent, straightforward -- and cost-free. So how do we make money? Our partners pay us. This may influence which products we review and write about (and where they are featured on the site) however it in no way affects our suggestions or recommendations that are based on many hours of study. Our partners are not able to be paid to ensure positive reviews of their products or services. . How Couples Can Team Up on Debt Repayment If you've brought the burden of debt to your marriage, you partner could be your partner in achieving debt-free. Written by Sara Rathner Senior Writer/Spokesperson | Travel rewards, credit cards, debt payment Sara Rathner is a NerdWallet expert on credit cards and travel. She has been featured on the "Today" show, as well as the CNBC's "Nightly Business Report," and has been quoted in The New York Times, The Washington Post, The Wall Street Journal, Yahoo Finance, Time, Reuters, NBC News, Business Insider and MarketWatch. Prior to joining NerdWallet, Sara worked at The Motley Fool for nearly 10 years. She also worked as an independent personal finance writer and paraplanner and has earned a bachelor's degree in journalism from Northwestern University. Jan 30 2023 Edited By Kenley Young The editor who is assigned Credit cards, credit scores Kenley Young directs daily credit cards coverage for NerdWallet. Prior to that, he worked as an editor on the homepage as well as a digital content producer at Fox Sports, and before being a front-page editor for Yahoo. He has years of experience in both digital and print media. This includes stints as an editor at the copy desk as well as a wire editor, and a metro editor for The McClatchy newspapers chain. Email:
. The majority of products featured here are from our partners who compensate us. This influences which products we review and where and how the product is displayed on a page. But this doesn't affect our assessments. Our views are our own. Here is a list of and . Between financially helping his parents, and losing his income due to the COVID-19 pandemic, Jeremy Mazza landed into serious . Relief came from a source he wasn't expecting: his girlfriend, Ginna Lambert, who was the recipient of a modest inheritance. Ginna suggested "investing" part of her fortune into their future together by loaning small amounts to Mazza to use to pay off his debt. It was a little convincing. "To have to ask for money, when I was the one who provided it and had parents who themselves were asking for money, I wasn't going to follow their example and be taking," Mazza says. "But this wasn't what it was about, it was a caring thing." Mazza and Lambert dealt with the issue in a manner of open communication and specific loan conditions. For them, it's making a difference: Mazza estimates his went up by about 150 points. They reside within Richmond, Virginia, are getting married this year and they hope to buy a home soon as well. "I had a very, extremely, very strong desire to ensure that my partner's credit rating and finances were in the best of a state as it was possible," Lambert says. Although joint debt is a shared responsibility any individual debts that you add to a relationship are ultimately yours to deal with. However, they could interfere with making life plans as a couple, so it may make sense that your spouse help you with the debt you have in some manner. However, don't sign an agreement of this type without having a strategy. Get vulnerable with the full financial picture. It's crucial to be open with each other about your individual financial situation, particularly as your relationship gets more serious. "If you're planning to marry it's good to talk about the financial aspects prior to getting married," says Trina Patel who is a senior financial advice manager at Albert, an organization that provides financial services. Schedule a few distraction-free meetings with your financial advisors to discuss what's happening for you both. These conversations can help you establish shared goals and determine the steps to take to reach them, like making adjustments to your budget or finding ways to boost your income. "Debt can often bring feelings of guilt, shame, and shame, causing couples to avoid discussing their debts," said Leanne Rahn who is a financial advisor with Fiduciary Financial Advisors located in Grand Rapids, Michigan, via email. "Vulnerability can be a challenge, but keep in mind that you and your significant other are a team." Consider nonmonetary ways to assist You might be unable, or unwilling to settle the debt of your spouse. There are many ways alternatives, however. You can be an accountability partner, or help to reevaluate your budget for the household if you live together or find ways to be more frugal in your shared spending. Perhaps you could take on some more chores at home to give your partner the opportunity to pick more hours at work or assist your partner edit their resume in order to find a higher-paying job. Discuss a financial arrangement If you're willing to lend or gift your partner money to go toward their debts, iron out all the details. Make sure you specify dollar amounts and note it all down. Lambert For instance, he started by offering an interest-free and six-month $2,000 loan Mazza. Mazza. In time, both felt comfortable with additional larger loans. A consultation with an attorney regarding a contract can help both partners feel more at ease. "A legally binding agreement will surely make the obligations of each spouse/significant other transparent and clear and the law would hold the parties to account," Rahn says. Know when to say "no"' It's OK to not want to burden someone else with the financial burden, no matter how much you are concerned about them. If your relationship is new or you're not sure what the future holds however, you're still able to cheer on your partner while they work to pay off their debt. If they don't accept your "no" as a response take it as a warning and be cautious. "I wouldn't have offered this suggestion if we weren't in the honeymoon phase," Lambert says. "At the time we had moved into a home together. He had proven that time and time again, that he was reliable." The article is written by NerdWallet and was originally written through The Associated Press. Author bios: Sara Rathner is a NerdWallet travel and credit cards expert. She has been featured as a guest on "Today" program, Nasdaq along with the CNBC's "Nightly Business Report." On a similar topic... Find the right credit card for you. Whether you want to save money on interest charges or earn higher rewards, the right card's out there. Answer a few simple questions and we'll narrow down the results for the right card for. Get even deeper into credit Cards Discover more intelligent money moves delivered straight to your inbox. Sign up and we'll email you Nerdy posts on the financial topics that matter most to you as well as other methods to get the most out of your money. Make all the right money-making decisions

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