“Dear Steve,
I am married and my wife and I have seperated our money to where we both put in the same amount of money per month that equals our house bills and the rest is ours. I have fell into debt over my head using the extra money I USED TO HAVE.
My wife doesn’t want to take out a second mortgage to settle MY debt so I am just stuck getting further and further behind. I can only afford to pay the minimum payment and I want someone to negotiate with my lenders so that I can get this stuff paid off. Please help!
How can I reduce my payments and still get the stuff paid off in a short amount of time without consolidation or taking out a second mortgage (that my wife is against)?
Chad”
The Answer:
Dear Chad,
I am assuming that since you manage your money like strangers that the debt you are in trouble with is in your name alone.
Now I’ve never been a fan of this is mine and that is yours in a relationship but now that you are in this mess, what can we do?
For all I know you have a history of not managing your money or living within your allowance. In that case then your wife probably has a good reason to not want to take out a second mortgage to bail you out.
The problem with your situation is that if it gets so unmanageable for you that you can’t continue to pay, and you do hold a joint mortgage with some equity, then bankruptcy could be problematic for you.
You could investigate a debt management program where you would make one monthly payment each month. Click here for debt management information.
I feel there is more to this story than you are telling me. Please post an update in the comments.
