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I have debt, she doesn't - what should I do?

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    #16
    Originally posted by JeanneElle View Post
    That's a good point.

    Maybe then the answer would be an extended engagement, which would give him time to organize and establish a debt repayment plan. However I still believe that she shouldn't have to pay for his old debt. Now new debt that they accumulate together... that's a different story.

    Mind you, she is a grown woman and it sounds like she knows how to manage her finances, so if she feels that she can afford his debt, then it's not really my place to judge...
    I fully agree with you that if someone does not want to take on anothers debt, they should wait to marry, until the debt is gone.

    I've told my wife many times, never tell me I cannot play golf, just because she does not want me too. But, if she were to become disabled and needed my time and our resources to take care of her, I would give up golf in a heartbeat to take care of her. Marriage to me is a full commitment.

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      #17
      Originally posted by maat55 View Post
      I fully agree with you that if someone does not want to take on anothers debt, they should wait to marry, until the debt is gone.

      I've told my wife many times, never tell me I cannot play golf, just because she does not want me too. But, if she were to become disabled and needed my time and our resources to take care of her, I would give up golf in a heartbeat to take care of her. Marriage to me is a full commitment.
      She's a lucky wife :-) :-)

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        #18
        Well, all those big amounts were my expenses BEFORE I decided to attack my debt, I’m sure this month’s amounts will be much lower. So far, what we established as a budget for October is:

        Income: $5,500(5 weeks this month, around $1,100/week)

        Rent: $1,544 (I have a contract up to Juy/09, after that we’ll move in together and then get married in Sep/09)

        Food/Eating out: $300 – it’s still high because of snacks/coffee during work time, but we decided to try this amount first, if it works well then we’ll lower it for next month.

        Clothes/Tools: $50 – don’t really need clothes and tools, so far I haven’t spent it

        Car payment: $411 – if possible, I would lie to keep this car. If not, I’ll sell it later.

        Car insurance: $234 – this is the lowest amount I could get being just around 2 years in Canada.

        Gas: $500 – it may be less than that, so far I spent $248 this month.

        Gifts: $100 – juts because of Christmas I want to have some kind of reserve.

        Internet/phone/cable TV: $150 – I’m in a contract but I’ll try to get cheaper packages if necessary.

        That would leave me with around $2,000 extra for CC payments. That would allow me to pay AMEX in 2 months and then focus on MasterCard. The following months (4 weeks) I would have around $1,200/monh extra for CC and could finish in around 6-7 months I guess (not counting OT). Then I would focus on Visa.

        So far, I am following the plan, have not used CC this month not even once and still have cash in my jars for the last 2 weeks of October. I can post the real amounts used when the month is finished.

        Thanks.

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          #19
          Good for you Sinay! You can have this debt knocked out it no time...keep it up! It takes a while to change habits, but eventually saving money will be your new habit.

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            #20
            Good for you. Have you proposed? Is that why you already know and talk about joint debt?

            That to me makes a HUGE difference between dating and planning a future together. Planning a future together, then perhaps she'll cut more slack to get the debt gone. IE you have a ring, living together, putting deposits on places for the reception, booking honeymoon, that sort of thing.

            Talking marriage but not there yet? Then keep it seperate.

            Sorry if you mentioned but I am not sure where the relationship is because you say you are getting married Sept 09 but not sure if that means you are engaged?
            LivingAlmostLarge Blog

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              #21
              Sounds like you have taken a step in the right direction. I bet you can have most of that credit card debt paid off before the marriage.

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                #22
                I think you have a good plan and I think that is it great that you are doing this. Have you read Dave Ramsey's books?

                Are you able to attend any local Financial Peace Univeristy I think that hearing some is some good marriage prep.

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                  #23
                  Edited.
                  Last edited by agatha1939; 10-20-2008, 11:21 AM.

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                    #24
                    Originally posted by Sinay View Post
                    Well, all those big amounts were my expenses BEFORE I decided to attack my debt, Iím sure this monthís amounts will be much lower. So far, what we established as a budget for October is:

                    Rent: $1,544 (I have a contract up to Juy/09, after that weíll move in together and then get married in Sep/09)

                    Internet/phone/cable TV: $150 Ė Iím in a contract but Iíll try to get cheaper packages if necessary.
                    That is GREAT that the two of you set up a budget together. I was wondering IF you could get a roommate to live with you to split the rent?

                    What is your contract for internet, phone, cable? Do you have a cell in addition to the mentioned internet/phone/cable? Do you NEED internet & Cable?

                    You have mentioned prepared foods where expensive, You should look into using coupons. Cereal and milk is a cheap and easy breakfast. Lunch can be as simple as sandwiches a few more days per week. Soup can be heated in the microwave. You could really cut down your grocery bill if you just stopped eatting out as much or when eating out pick cheaper healther options (Subway?).

                    I wish you luck.

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                      #25
                      I don't know enough to give advice about your finances but, regarding your love for each other I would say that you shouldn't let money come between you.

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                        #26
                        To answer your question: Yes

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                          #27
                          Hi there,

                          I think that you've got a nice partner. Its a good thing as well, if you are in lots of debt and she is debt free its a nice thought to share out the debts. and if some where your ego is not allowing to for this then i would suggest you to pay her after wards when you have money with you. Save on know to pay her off later, this ways you both can jointly pay off the current debts and whatever she has paid on your behalf can be paid to her in future whenever you have money with you.

                          Think on it nicely...........

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