If you found out that your sibling landed in $90,000 of debt thanks to their spouse maxing out their credit cards, what would you do to help them out of the mess?
This woman has a 34-year-old sister who dated her coworker’s brother for two years. But then, a year ago in June, this guy sprung it on her sister that he really wanted to marry her for tax benefits. He claimed they would be entitled to a larger refund, and her sister fell for it.
Back then, her sister had just completed nursing school, which really was tough on her. Her job refused to accommodate her schedule, so she was forced to quit after spending a decade there.
“She used her 401(k) to pay off her debt and start with a clean slate. Due to the stress, difficulties, and bullying at work, she gave him free rein to manage their finances and added him as an authorized user on her credit cards, which had a $90,000 credit limit,” she explained.
“They also bought a car together, and both cosigned for it. She was at work at the time, so everything was done over the phone. She has been making the $910 monthly car payment, but she has never asked him how much the insurance costs each month.”
“They ended up moving in with his parents because of his own $180,000 debt. She says she wasn’t aware of the extent of his financial situation because she was under a lot of stress and has ADHD.”
Her sister moved back into their family home, and she has no idea what to do, since she is now $90,000 in debt. She’s not sure what to say to her sister, other than that she’s foolish for allowing her husband to make financial decisions without asking any questions.
Her sister also recently learned that her husband lied to her about his job. He said he was an engineer, but he’s actually a machine operator.
He doesn’t make as much money as her sister does. By the way, her sister barely got a job, and she just started. Her salary is $96,000 a year.
The car they got is $45,000 and has to be refinanced if she has any plans of keeping it. Her husband’s sister mentioned he cannot afford to make the payments on it.
Somebody call Judge Judy! Ok, but seriously, her sister needs a lawyer or a financial advisor to help her with this one. She most likely will have to file for bankruptcy, and she should look into getting a second job too.
As for the car, she has to let it go, because it’s just going to pile more debt onto her. But aside from that, her sister really has to learn how to manage her finances so she doesn’t end up in another bad situation.
What advice do you have for her?
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By Bre Avery Zacharski
Hi, I'm Bre, Chip Chick's CEO! I have a degree in Textile/Surface Design from The Fashion Institute of Technology, and... More about Bre Avery Zacharski
