Adding debt to mortgage

donkeyman

Gorgeous_George wrote: »

Option 1 - reduce outgoings

Option 2 - increase income

Option 3 - move debt to mortgage


Options 1 and 2 involve some pain and involve you taking charge of your finances. Ditching a mobile contract and Sky TV may be a nuisance barely worth thinking about. Maybe getting a spare time job will be too traumatic.

Option 3 lets you play happy families for a while longer but this option disappears in a stagnant or falling market. It may have disappeared as milliemonster kindly pointed out.

GG

Nail on the head. I like the cut of your jib.

TrickyDicky

If you do consolidate all this debt into the mortgage, what will stop him just spending on the credit and overdraft again?

[Deleted User]

TrickyDicky wrote: »

If you do consolidate all this debt into the mortgage, what will stop him just spending on the credit and overdraft again?

Precisely. Your OH needs to take responsibility for the levels of debt he's built up. Unless he's felt the pain of cutting back on spending, missing out on nights out etc, he'll never get his finances under control. Palming it off onto your joint mortgage might seem like a quick and easy option to avoid the interest, but the debt will still be there, and you'll both be paying it for years to come. It will also raise the cost of your repayments and may expose you to other problems if your house value drops.
I sympathise, but you can't afford to pick up the slack. Get tough, or you'll end up paying his bills to protect your credit rating...
Getting a card with 0% on balance transfers or a lower rate has so gotta be less hassle than paying 18% interest on 11k of debt..