What this life coach learned by refusing to marry her husband until he paid off his $19,000 in credit card debt.
And she also got to witness first-hand how he managed money once she saw him pay it off. By the time they got married, nearly all of it was gone, says Stevens.
"He had a couple thousand hanging around," she admits, "but it was enough [to see] the actual process of eliminating it." Being open about their financial situation allowed Stevens and her husband to see how they each handle money. But Stevens suggests it's more than just knowing the numbers."I think knowing the story behind the numbers is equally important," Stevens says. Listening to her husband's story helped her to understand what his debt actually entailed and to be OK with where he was in his process of paying it off.
Different people have different levels of knowledge about how to use credit, Stevens explains. "But it doesn't mean that they're not in the process of improving it and doing what they have to do," she says. The debt says a lot; perhaps your partner had a job loss, no savings or was financially burdened taking care of a family member and relied on a credit card to get by.
Beyond just knowing the numbers and the story behind them, it helps when you know how to help your partner pay off their debt and improve. Lenders will take both of your credit histories into consideration if you ever plan on applying for a loan together in the future so it's better if you work together to improve the situation.
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