Are you totally honest with your spouse? Maybe you aren’t. Maybe you or someone you know is hiding credit card debt.
Valerie RumboughIt starts out slow sometimes, maybe to buy clothes or take a chance on a business venture – but before long, it gets out of control. Many think they can keep it a secret, and work toward paying it off. But eventually they are discovered, such as when the couple applies for a loan. The consequences can be devastating. The innocent spouse many times is shocked and begins to lose trust.
One couple I worked with had this problem. The wife began purchasing items as she had the opportunity, slowly at first, but soon became addicted to it. By the time her husband found out, the debt was so high they had to mortgage their house to pay it off.
Maybe you haven’t gotten that far. But if you find yourself in a similar situation, gather up the courage to face your spouse and tell them what you have done. It will be a lot easier for you to confess it now, than for them to find out about it from another source.
Ask your spouse to forgive you, both for breaking the budget, and for being dishonest. Then confess your problem to the Lord and ask him to help you break the buying cycle and begin to pay off the debt. You may want to also seek the advice of a Christian financial counselor. Time is of the essence, so start as soon as possible, before the problem gets bigger.
Rumbough, CPA, CFP, is chief operations officer with the Baptist Foundation of South Carolina. Contact her at 800-723-7242. In accordance with IRS Circular 230, any U.S. federal tax advice contained in this communication is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing, or recommending to another party any transaction or matter addressed herein.