If you are hiding payroll advance loans use from your spouse, it's only a matter of time before your money problems are disclosed unless you make some changes. The quick cash advance may have solved that urgent problem, but the cost of the loan can potentially hurt other demands once the payoff date arrives. How can you lie about debt troubles when you are not the only earner or spender? It doesn't make a solid financial foundation.
Lying about debt in general happens more often than you think. Someone splurges and tries to cover it up knowing their spouse may not approve. In fact these lies carry over to financial advisers. Hiding debt out of shame or even living in denial will not help anyone make a positive situation out of debt. Debtors need to come to terms with the amount owed to creditors or safe payroll lenders in order to create a plan to rectify or prevent damage.
You may want your image to represent a "bare-bones" status, but if you are purchasing new clothes or dining out, you are far from that. No extra means no extra. If you have a spouse that uses and hides, how long will it be before the other person finds out? What plan could your financial adviser create for you when they don't have the most accurate figures to work with? If you suffer from a spending addiction of any kind you will have to get to the root of that problem before you can focus on the financial aspect. Most often, addictions are connected to deeper rooter emotional troubles. Taking credit cards away is not a cure.
People will find ways to get at money in order to feed into addictions. Online payroll advance loans and pawnshops are only two examples of easy access cash. How can you explain the expense of finance charges or missing household items? You could hide items from your financial adviser but not so easy with a spouse.
Managing income with cost of living expenses is a priority within a good budget. Your adviser may create an "other" category to be used at your discretion. This amount will depend on your income's ability to cover cost of living payments and work at lowering debt. If your spending budget is smaller than you would like, it will take clearing that debt to free up more. You would be surprised at how much 'other' categories can hold when there is no income going out towards income on bad debt. Your mortgage, student loans or even car payments interest is not considered bad since these expenses help life. Debt from credit cards or alternative lenders is bad. The longer you keep the debt unpaid, the more income you waste on interest. Now is the time to face the reality of your financial decisions.
Sit down with your spouse and put all the cards on the table, even if your spouse does not help manage the books. Where does your money go? Go through bank statements and debt statements. What costs are deemed necessary and figure out why the debt is so high. If credit card debt is high due to medical costs, you may want to seek advice on how to limit the problem. Instead of using credit cards to pay for doctor fees, you may want to talk to the billing office and work out a payment plan directly through them. Not only may you save with a lower interest rate, but the debt will not count as such a negative with the credit bureaus. Credit utilization rates are calculated with credit card debt, not from a medical office. Whatever you do, make sure you keep up with the plan created by the billing office as you would any other bill.
When both parties are on the same page, a financial adviser's plan will work better. You can help keep each other on track to spend less, get rid of debt and prepare for future emergencies.