One partner’s bad money habits can cause lasting damage unless early action is taken.
due to higher interest rates are hurting women’s financial progress and increasing the risk of sexually transmitted debt .
“We tend to see this happen in relationships when one person knows they already have a poor credit rating, so they pressure the other partner with a better credit history to go guarantor on a loan,” says Jasmine Opdam, solicitor and team leader at Redfern Legal Centre.are likely to lead to financial stress in relationships and trigger a spike in STD legal cases.
Troy Theobald, director of financial services at RFS Advice, says relationship debt can be very common among people later in life or entering into second marriages.“As time passes, some of these previous situations can [get worse] and unfortunately you can end up part of a situation that [started] well before you had met,” he says.
She recommends what she calls the “snowball method” for paying down relationship debt, which includes:For those with a credit card, ditch the plastic.
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