How to Help a Partner out of Debt

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By eHow Contributing Writer

Article Rating: (6 Ratings)

When someone you love is in debt, it's a challenging situation for both of you. Come up with a plan and stick to it - it might even bring you closer.

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Difficulty: Moderately challenging

Instructions

Things You'll Need:

Calculators
Accounting Services
Banks
Checking Accounts
Credit Counseling Services
Loans
Savings Accounts
Calculators

Step 1

Offer your assistance in helping get your partner out of debt.
Step 2

Make sure he or she wants your assistance.
Step 3

Develop a joint plan for how you can address the debt. Will you take a home equity loan, sell property, get a second job, reduce your spending, file for bankruptcy, set up a budget or reduce your use of credit cards?
Step 4

Discuss sacrifices you are each willing to make in order to clear the debt.
Step 5

Determine how each of you will contribute income and assets toward getting out of debt.
Step 6

Stick with your plan.

Tips & Warnings

Consider a prenuptial agreement if your partner is entering marriage with substantial debt and you have substantial assets.
Support your partner's efforts to get out of debt by joining in an effort to reduce spending.
If the situation is causing problems in the relationship - or you find yourself resenting your partner - consult a couples counselor.

Comments

DoctorYO said

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on 6/26/2009 This is a great article concerning living and helping others get debt free.

didi8u said

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on 4/15/2009 Thanks for writing this article on how to help your partner out of debt. 5* and recommend

on 9/15/2008 These are great tips for getting out of debt... I have been able to get out of debt through a means of bringing in extra income. I help my husband pay the bills, I stay home with the children, AND I was able to become DEBT FREE.... I had about $15,000 in credit card, and have been able to get rid of it! I am now working on paying off my student loan debt. This has been such a great blessing... I'd love to share this program with anyone! Visit my website at http://www.care4mykids.com...and I will show you how this can help you too!