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STD where the D is for Debt.

Frequent Contributor

STD where the D is for Debt.

I saw this article today and the catchy title obviously caught my eye.  I thought it was a good read on debt in relationships.

CNBC - how-to-protect-yourself-fromsexually-transmitted-debt

 

I personlly don't believe in co-signing for someone I'm in a relationship with unless there is a wedding ring involved as marriage has certain financial and legal implications and requirements anyway.  I've known several people who co-signed for their girlfriend/boyfriend and later found their credit damaged as a result.  So I do agree with the articles conclusion that frank financial discussions need to take place if you are going to allow someone to mingle their debt with your fiances.  If the relationship hasn't been a long one where there has been plenty of time to build up some real trust base on their history of seeing how they manage their finances, there shouldn't be any thought of sharing the burden. IMHO.

9/2017 FICO8: EQ:585, TU:549, EX:580 | No opened accounts | 1 unpaid CO, 1 sold CO + 1 related Col | several lates 2.5+ yrs ago
Current FICO8: EQ:769, TU:751, EX:754 | 3x 30 day lates 4-6yrs ago
AAoA: 10 to 11 years; Opened Acc Only: 13 months
Credit Length: 21 years
INQ (Eq/Tu/Ex): 2 / 4 (4 for auto) / 6 (5 for auto)
Message 1 of 6
5 REPLIES
Frequent Contributor

Re: STD where the D is for Debt.

Ladies know it about me, the purse comes first. I would never cosign.


My credit .... It's over 9,000!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Message 2 of 6
Highlighted
Valued Member

Re: STD where the D is for Debt.

Heck no.  I am married and would not cosign for my husband. He pays stuff late all the time.  

Message 3 of 6
Moderator

Re: STD where the D is for Debt.

Probably temporary working link: looks like they busted up their content push and am guessing the OP's will work in the future again.

 

https://www.cnbc.com/2018/09/11/heres-how-to-protect-yourself-fromsexually-transmitted-debt.html

 

Cute turn-of-phrase indeed, and anything which helps drive this particular conversation forward I think is a good thing.




        
Message 4 of 6
Regular Contributor

Re: STD where the D is for Debt.

The DW and I have been married for 19 years. We pay our bills on time and in full. Still we don't cosign for each other.

Only thing joint we have is the life insurance, vehicle insurance, apartment lease, and one checking account.

No car payments. We cash for cars. Hell none of our plastic is joint or AU either.
Message 5 of 6
Regular Contributor

Re: STD where the D is for Debt.

I think it depends on the relationship too. Definitely would not advise non married couples doing it. And for married couples it depends on how you both handle credit. And how trusting the other person is . A few people come to mind that I would says NO NO NO . And for others I think co signing / authorized users are ok and would work . If one is careless with credit, doesn’t understand how it works and how lates etc work, and not honest about money I would definitely say no .
Me and hubby are open books when it comes to credit, we share accounts credit cards etc. We have never had issues. It works for us .
Experian 756
Equifax 752
Transunion 767
Message 6 of 6