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How not to fall into debt when you fall out of love

Let’s face it, most of the time, talking money just isn’t sexy. Credit applications and loan repayments don’t make great pillow talk. But the cold hard truth is that too many Australian are victims to STDs – that is, sexually transmitted debt.

According to research almost half of Australians don’t believe that their credit score can be affected by their partner’s financial decisions. Think again …

images (8)What does this mean for you?

Where you’re responsible for your partner’s debt such as with a jointly held mortgage or supplementary credit card, you might be paying for their bad habits, and not even know it.

Take Andrew, for example: his ex-wife’s spending habits literally bankrupted him, even after their separation. And Sally’s ex-boyfriend’s bad habits left her with a total of $1.1m of debt.

The best way to prevent sexually transmitted debts is to use protection.

How to protect yourself?

  • Keep a close eye on your joint debts
  • When trouble in your relationship gets serious let your credit providers know
  • Also, let them know if you are having trouble paying your debts because of the break-up
  • If you move out let all your credit provider know your new address immediately
  • Stay informed – a comprehensive credit file (not a credit score, it has no useful information) provides all the information about your financial well-being. It may be the first indication that something is wrong. A credit file is what a lender sees to decide whether you qualify for a mortgage, a car, a credit card, or even a mobile phone. A clean credit file can get you better interest rates, so it’s best to stay on top of it.

Credit File Experts have empowered thousands of Australians to take charge of their financial health. You and your partner can get a copy of your comprehensive credit file, and an in-depth of assessment of it for $150 within 1 business day. It’s the best investment you will ever make.