Boyfriends, Girlfriends & Credit/Loans
Have you ever found yourself having to make a decision from the head or the heart about a lover and your credit or a loan?
If this is you, maybe I can help.
Recently, a young lady asked me the question, “what do you do if your boyfriend wants you to take an item on credit for him? My reply was well, do you think you should take an item on credit for him?”
Another young man asked me, “why do women like to put men in such situations when they knw you love them?” I said, “what do you mean?” He said, “it’s onething for a female always want money.” i said, “is it? hmmm…” He continued, “but it’s another thing to ask me for a loan of $5000.00 or help her get one.” Meaning cosign on one.
So what do you do in such a situation where you are not married to this person common law or legally? Now common law has it’s own issues, but if you have been with someone for a significant amount of time and operating as a household or unit, that is a whole other territory. But what do you do in a situation where you are dating the person and/or the living arrangement is new.
The first point I need you to remember is that when you marry someone their debt becomes your debt. So that’s number one. Know who you date. Watch how the spend money. Know their credit and/or debt amount. Now this might sound crazy, but these things affect you in a number of ways. Mortgages, taxes, collections… yes, they will come after your networth or assets.
The scenario with the young lady and her boyfriend. The answer is no. I have no idea where people get this thing from that boyfriends or girlfriends get husband rights. See that’s how you end up on Judge Judy. No. No. No. No. No… Boyfriends and girlfriends come and go. You do not want to be left with this person’s debt or worse what if they never made payments and you did not know til the collect stage and their are damages to your credit. Yes, while you can sue the person for the amount, you are the one left to restore your credit. Which as luck would have it you would need at that time.
The scenario with the young man and his girlfriend. What is the loan for? What is the return on investment? Is he or she willing to sign a notarized contract without being offended? What is the amount of time and terms for repayment? What is this person’s pattern when it comes to repayments or making payments period? Despite all of these questions, the recommended answer is no. This introduces tension in the relationship if the terms and conditions are met. Also, if the deal goes sideways former lovers are the most vindictive lendees. Because emotions and the works take over.
At the end of the day, the choice is up to you. It’s really your to make. But if you find yourself in this situation or are going through it righ now. I hope this helps!
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