If you are in a relationship where there is debt, including a mortgage, a conversation around this topic is beneficial as part of your financial discussions.
If the debt is manageable, the topic can be covered when talking about budgets. However, if the debt is of concern, it may be useful to discuss it in a more structured and focused manner.
Debt can be another strong emotional topic so some groundwork may be necessary before launching into a conversation.
One way to do this is by discussing other financial matters first. Then you can slowly ease into a debt conversation in a more natural manner.
An example of this could be:
How do you know if you've got too much debt?
Many couples and individuals will have to take on at least some debt in their lifetime.
Problem debt arises when a pattern of revolving debt emerges – when one debt is being paid off by taking on another debt.
Unfortunately, there is no quick solution to this situation, however, with some honest communication between partners, a plan can be made to help limit spending more than you can comfortably afford.
Here is a guide to get started – there are many options to address debt including the support of a financial mentor, website tools, and other services:
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