Her Husband Took Their Home Improvement Loan And Made It Like His Personal ATM
Money is one of the main topics that cause arguments within relationships. Between financial stability and spending problems, this factor can be damaging to any couple who plans to have a solid future together.
A woman and her husband just took out a HELOC (Home Equity Line Of Credit) loan of $75,000 last May. So far, they have used $45,000 on renovations.
Unfortunately, her husband has a major spending problem and has taken out another loan for $20,000 to pay his personal loans, bills, and credit card off. Suspicious?
She addressed the situation with him and his excuse was how consolidating all of his bills would be much easier to manage.
Looking over his financial situation, he has another $20,000 owed on his truck and has racked his credit card back up over $4,000.
On top of all of this, he lost his job recently, which means he has zero income and no paycheck until next month when his temporary job begins.
To make matters much worse, her husband then traded in his motorcycle for $5,000 and decided to purchase a new one!
Are you currently wondering how he is making all of these payments? In a matter of three days, he managed to borrow $3,000 from their Home Equity Line Of Credit loan without informing her as a buffering until he gets paid next month.
Add this to the $20,000 he has on his truck, the $4,000 on his credit card, and the $10,000 for the motorcycle and he has officially racked up his debt without any remorse.
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“He keeps saying that when we sell our house, it will go for $500,000 and we can pay off the rest of our mortgage and the HELOC with that and still be able to buy some land and build there so he’s not worried,” she explained.
Her husband has gotten away with switching up the debt that was on his name only, to debt that they are both now responsible for.
It sounds like someone needs to reevaluate the financial situation and highly consider getting a good attorney and divorce lawyer!
You can read the original post on Reddit here.
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