Some people don’t know how to take care of their money or spend and save wisely, which is why they often end up in trouble. Their family members or friends might try to bail them out of difficult financial situations, but they may end up getting into trouble due to it.
This is what a woman realized after her husband borrowed a lot from her inheritance to pay off his credit card debt. Even though he hadn’t paid her back a single cent, he still expected her to co-sign a huge loan for his dream truck. That left her shocked.
More info: Reddit
Everyone would want to take care of their loved one’s financial problems, but sometimes, it’s important for them to learn certain lessons on their own
Image credits: benzoix / Freepik (not the actual photo)
The poster shared that she had gotten an inheritance from her grandma and that she had used $8,000 of it to bail her husband out of some credit card debt
Image credits: Timur Weber / Pexels (not the actual photo)
Unfortunately, the man hadn’t paid his wife back the money she lent him, but he suddenly came home asking her to co-sign a loan for a $55k truck
Image credits: Cherry_Rose69
The poster refused to co-sign the loan as he hadn’t repaid his debt, and they were saving up for a home, but he got mad and criticized her, and so did his mom
It seems like the OP was the more financially responsible one in the family as she was thinking of all their household expenses and putting her money aside for future needs. Her husband, on the other hand, had racked up high credit card debt and wasn’t even trying to repay the money he had taken from his wife.
This kind of situation happens quite frequently in the United States, where approximately 20% of adults need financial support from their friends and family. These kinds of loans only make sense if they are handled properly, with a contract or written agreement in place, or they can end up causing more problems than they solve.
The reason why money experts say that you should think twice before lending money to a family member or close friend is because it could negatively affect your relationship with them. If people don’t repay the money or keep making excuses, it could lead to resentment and big disagreements.
That’s exactly why, when the poster’s husband suddenly asked her to co-sign on a loan for his $55k dream truck, she was shocked. He hadn’t made any effort to repay what he had borrowed from her inheritance, and already seemed to be making plans with money that he didn’t even have.
Image credits: Luke Scarpino / Unsplash (not the actual photo)
The woman refused to be a co-signer on the loan because her husband wasn’t making any efforts to repay her, and they were supposed to be saving up for other expenses. She felt that being able to buy a home in the future was way more important than just randomly purchasing his dream truck.
This decision of the OP’s was extremely sensible as co-signing is a larger responsibility than people realize. When a person agrees to co-sign a loan, they are essentially saying that they’ll be legally responsible for the debt if the borrower is unable to make payments. This can, therefore, damage the other person’s credit as well.
Luckily, the wife didn’t succumb to her husband’s pleas and decided to stay firm against the request. He didn’t take the decision well and tried to guilt-trip her even more by saying that she was holding her money over his head. Even his mother chimed in and said that the OP was emasculating her son.
Nobody wants to be in a position where they have to turn down financial help for a loved one, but situations like this are the exception. When it seems like a partner or friend isn’t taking responsibility for their money decisions, then staying firm might actually help bring them to their senses.
Do you think the wife did the right thing by saying no to co-signing the loan with her husband? Let us know your honest thoughts down below.
People sided with the poster and felt that she was right to refuse his insane request
Image credits: shurkin_son / Freepik (not the actual photo)
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