Should my boyfriend be paying off his credit card debt in full every month?
Dear Cheryl&Mack,
So, I've got this boyfriend who's always been a bit of a spender, but lately, he's been going crazy with his credit card.
He's racking up loads of debt and it's starting to worry me. I mean, we all love a good shopping spree every now and then, but this is getting out of hand.
I've tried talking to him about it, but he just shrugs it off and says he'll deal with it later.
I don't want him to end up in a financial mess, but I also don't want to come across as a nag.
The worst part is that he doesn't pay off his credit card every month, so it’s just building up.
What can I do to help him get his credit card debt under control?
Thanks in advance,
Concerned about Debt
Dear Concerned about Debt,
I completely understand where you're coming from. It can be tough to watch a loved one rack up credit card debt and not know what to do about it.
First things first, it's important to communicate with your boyfriend and let him know that you're genuinely concerned about his financial well-being.
While it's important to be supportive, it's also important, to be honest and direct about the potential consequences of excessive credit card debt.
One tip is to encourage your boyfriend to create a budget and stick to it. This can help him keep track of his expenses and avoid overspending.
Another suggestion is to work together to develop a plan for paying off the credit card debt, such as focusing on paying off the card with the highest interest rate first.
It's also important to understand the root of the overspending behaviour. Is it simply a matter of living beyond one's means, or is there a deeper psychological issue at play?
In some cases, it may be helpful to seek the guidance of a financial counsellor or therapist.
I can relate to your situation because I went through a similar phase right after graduating from university. I landed my first "real" job and started earning adult money, which made me happy. However, I ended up spending more than I could afford and quickly realized that I needed to pay it all back before it turned into a vicious cycle.
But the good news is that it's never too late to take control of one's finances and make positive changes. By working together and taking a proactive approach, your boyfriend can overcome his credit card debt and build a brighter financial future.
Just remember that it's also appropriate to set boundaries, especially if you're planning to have a future together.
Your boyfriend's financial situation will affect your life too, so it's important to keep his finances in order as you enter the next chapter of your life.
If you need extra support, do not hesitate to reach out if you’re both comfortable with that.