How to Work Together to Actually Find Relief from Your DebtApr 21, 2017
Dealing with debt is often overwhelming, stressful and draining. It can also be detrimental to your relationship with your partner. In fact, studies show that money and finances are often one of the top reasons that couples quarrel. Here are some tips that will help you and your partner work together in order to reduce your debt and find debt relief.
Work as a team
It’s important that you and your partner are on the same page and are working together as a team. To ensure that this is the case, it’s essential to talk openly and honestly about your finances with your partner. Sharing your concerns and creating mutual financial priorities ensures that you and your partner will be working together rather than against each other. It also means that you will be able to provide your better half with support and guidance that can help reduce the stress often associated with dealing with debt.
Don’t play the blame game
Just as it is important to work together, it’s also important to avoid the blame game when you and your partner are searching for relief from debt. Pointing fingers and blaming your partner for your debt issues may help you feel better initially but, in the long run, is not the approach that will help you deal with the debts you owe. Instead, stay positive and focus on creating solutions that will allow you to effectively deal with the debts you carry together.
There are many effective strategies you can use to effectively pay down your debt. Consolidating your debt through a debt consolidation loan, for example, is a great way to save money on interest and pay down your loan more quickly.
Seek help if needed
If you and your partner find it difficult to determine how you should deal with your debt, the best solution may be to seek professional help. Debt relief professionals, such as a Licensed Insolvency Trustee (LIT) or a not-for-profit credit counsellor can provide couples with assistance and information regarding how to best reduce the debt they carry. They can also work with couples to create a debt relief plan tailored to their financial needs.
Stick to the plan
Once you have a plan in place, it’s important to stick to it. Motivating and supporting your partner is a great way to ensure that you both remain committed to achieving your financial goals and reducing your debt. Check in with each other regularly. Keeping each other informed is essential when it comes to sticking with it. You may find it a good idea to sit down with your partner once a month to review your progress, talk about next steps and assess whether you are staying on track with your debt relief goals. Think of it as a financial date!
How do you plan to work together with your partner to find relief from debt? Join the conversation and share your thoughts with BDO Cornwall using the hashtag #BDOdebtRelief and LetsTalkDebt.