How Couples Can Team Up to Pay Off Debt Repayment Advertiser disclosure : You're our number one priority. Each time. We believe everyone should be able to make sound financial decisions with confidence. And while our site does not include every company or financial product available on the market however, we're confident that the advice we provide and the information we offer and the tools we create are independent, objective simple, and free. How do we earn money? Our partners pay us. This may influence which products we write about (and where those products appear on the website) However, it doesn't affect our advice or suggestions which are based on thousands of hours of research. Our partners are not able to promise us favorable review of their services or products. . How Couples can work together in Repaying Debt If you've brought the burden of debt to your marriage, your spouse could be your partner in becoming debt-free. Written by Sara Rathner Senior Writer/Spokesperson | Credit cards, travel rewards, debt payment Sara Rathner is a NerdWallet credit and travel expert. She has been featured in the "Today" show, as well as the CNBC's "Nightly Business Report" as well as being quoted by 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 was also a personal finance writer freelance as well as a paraplanner. She holds an undergraduate education in journalistic studies at Northwestern University. Jan 30 2023, edited by Kenley Young as the editor assigned to NerdWallet. Credit cards, credit scores Kenley Young directs daily coverage of credit cards for NerdWallet. Previously, he was a homepage editor and digital content producer for Fox Sports, and before that a front page editor for Yahoo. He has years of experience in both digital and print media. This includes times as a copy desk chief as well as a wire editor as well as a metro editor at The McClatchy Newspaper chain. Email:
. The majority of products featured here are from our partners, who pay us. This impacts the types of products we review and the location and manner in which the product appears on a page. However, this does not affect our opinions. Our opinions are entirely our own. Here is a list of and . Between financially helping his parents, and losing his income because of the COVID-19 epidemic, Jeremy Mazza landed into serious . The relief came from a source that he wasn't anticipating: his wife, Ginna Lambert, who was left with a small inheritance. The woman suggested "investing" part of her fortune into their future together, by loaning small amounts to Mazza to use toward his debt. It was a little convincing. "To need to request money, when I was the provider and my parents were soliciting money, I was not going to follow their lead and take," Mazza says. "But this wasn't what it was about, it was a caring thing." Mazza and Lambert took the matter in stride, with clear dialogue and precise loan conditions. It's yielding results: Mazza estimates his went up about 150 points. The couple, who live within Richmond, Virginia, are getting married this year, and they hope to buy their first home in the near future. "I had a very, highly, extremely vested interest in ensuring that my partner's credit score as well as finances were in as good of a condition as they could be," Lambert says. While the debt of a joint account is a shared obligation, the individual debts you carry into the relationship are yours to deal with. However, they could get in the way of making plans for your life as a couple, and so it may make sense that your spouse help you pay your debt in some way. Don't make an arrangement of this kind without a plan. Make yourself vulnerable by examining the entire financial picture It's essential to talk to the other on your personal financial situation, particularly as your relationship gets more serious. "If you're planning to marry, it's a good idea to talk about the financial aspects prior to wedding day," says Trina Patel, a senior financial advisor at Albert, an organization that provides financial services. Schedule a few distraction-free financial dates to talk about what's going on for you. The conversations will assist you in setting goals that are shared and figure out what actions to take to meet these goals, such as making adjustments to your budget or finding ways to boost your income. "Debt can trigger feelings of guilt, shame, and shame, causing couples to avoid discussing the debts they've accumulated," said Leanne Rahn who is a financial advisor with Fiduciary Financial Advisors in Grand Rapids, Michigan, by email. "Vulnerability is hard but keep in mind that you and your partner are a team." Look at non-monetary strategies to help you. You may be unable, or unwilling to pay back your partner's debt. There are many options possibilities, however. You can be an accountability buddy, help to reevaluate your budget for the household if you share a home, or discover ways to be more frugal in your shared spending. Maybe you can take on more household chores at home to give your spouse time to take off additional work hours or help your partner with 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 put toward their debts, iron out the specifics. Make sure you specify dollar amounts and note it all down. Lambert for instance, began by providing a six-month, interest-free $2000 loan Mazza. Mazza. Over time, they each felt comfortable with further bigger loans. Working with an attorney on an agreement can make both partners feel more at ease. "A legally binding agreement will surely make the obligations of each spouse/significant other transparent and clear with the law holding the parties responsible," Rahn says. Know when to say 'no It's okay not to burden someone else with the financial burden, no matter how much you love them. When your marriage is new or you're not sure what the future holds but you are able to be supportive of your partner as they pay down their debt. And if your partner won't accept your "no" as a response be prepared to proceed with caution. "I would not have suggested this suggestion if we weren't in the honeymoon phase," Lambert says. "At this point we had moved into a home together. He had already proven that time and time again that he was trustworthy." The article was written by NerdWallet and first published by The Associated Press. The author's bio: Sara Rathner is a NerdWallet travel and credit cards expert. She has been featured on the "Today" program, Nasdaq as well as the CNBC's "Nightly Business Report." In a similar note... Choose the right credit card for you. Whether you want to lower your interest rate or earn higher reward points, the perfect card is available. Just answer a few inquiries and we'll be able to narrow your results for you. Explore even more in credit Cards Discover more intelligent money moves delivered straight to your inbox Sign up and we'll email you Nerdy articles about the money topics that are important to you along with other ways to help you get more from your money. Make the best money moves

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