Finally came clean about debt, and feel great!

Alfietinker

I posted here a while ago for advice about credit card balances. I followed all the advice, but didn't have the courage to tell hubby.

As he wanted to decorate the house etc, and he didn't know my situation, I hit a stale mate where I wasn't getting into any more debt, but spending the 'debt reducing' money elsewhere.

I've just had a selling binge on ebay and made about £300 which I was going to pay towards the credit card. He wanted me to put the money into savings. At which point I had to come clean.

I was terrified of what he would say, but he was great! He's never been in debt (except for the mortgage) and is dead against credit cards. Now it's all out in the open I feel so much better. This is what we came up with.

We sat down, I showed him all the paperwork so I couldn't hide anything, and we worked out a plan that I could stick to, and I couldn't hide. He offered to take out his savings and pay the whole lot off, but (1) that is folly as these are 0% cards, and (2) I want to pay myself. So...

I earn £118 a month from an extra bit of cleaning I do, and this will be set aside for my spending money. My full-time salary will be used for the usual mortgage payments etc, and credit card payments only.

I have about £500 on my 'daily use' card. He will pay this off and I will close the card.

I will split the remainder of my salary between the 3 other cards, giving preference to the ones where the promotional rate will end first. As I won't clear the balances before each one expires, whatever is left at the end of the rate, my husband will pay. And continue until I have no credit cards.

Then, I will pay back the money hubby has bailed me out with, but put it into the most appropriate savings. This will mean that not only have I paid off the debt with no interest, it will get me into the habit of saving which I can then continue!

Even though I'm still in debt, and will be until about July, it feels like a huge weight has been taken off me. I don't have to pretend, and I have support to help me along.

The moral of this story? Please come clean to your partner, they'll be far more supportive than you think!

And finally, thanks for all your help!

Thefunkygibbons

Good news

It is great to be back in control

black-saturn

Well done for coming clean. I bet that feels much better. Your so lucky he was supportive and didn't go ballistic.

Tondella

Thanks for your message. I really appreciated it when my partner finally came clean about his credit card debts, we were able to work out a repayment strategy and budget. I feel so happy knowing exactly what is going on with our finances, as does he, and working together for this common goal has made us much closer together. I'm really glad your partner is so supportive of your attempts to get this back under control. Well done!

Sparklemonkey

Well done, I applaud you :T

It sorts the men out from the boys when something like that happens.

Willsnarf1983

Sparklemonkey wrote:

Well done, I applaud you :T

It sorts the men out from the boys when something like that happens.

and to make it fairer


the women from the girls......


well done for telling him

Will