 Must
I pay for hubby's credit card debt?
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 Dear
Debt Adviser,
I hope so much you can help me. My husband has been disabled for
years. He is on pain medication. He spends about $300 per month
charging music merchandise on credit cards. There is no way he will
ever be able to repay the debt. He doesn't even know I found out
about the debt, which is now up to $12,000. Here's my question:
Am I responsible for any of his debt? We live in Georgia. Can I
be held responsible for anything? What if he dies, do they erase
the debt? Is bankruptcy an option for him? We use his Social Security
payment for our daughter's college expenses. The $12,000 he has
charged up has all been done in the last two years or so. It can
only get worse. Please, please provide me any information you can.
I cannot tell family or friends about this embarrassing situation.
Thank you so much for any help.
-- Sad State
 Dear
Sad State,
The first thing I would recommend is that you communicate with your
husband and let him know that you are aware of the $12,000 in debt.
He may be relieved that you know and be willing to work with you
to stop charging additional purchases. This will help prevent the
situation from getting worse. It is important that you tell him
you want to help and communicate your concern for him, rather than
accusing or blaming.
Next, together with your husband, determine if you
have any available funds to begin to pay down the $12,000 balance.
If you could pay $250 per month, and the interest rate on the card
is 12 percent or less, the balance could be paid off in five years.
That is, of course, if your husband commits to not making any more
credit card purchases. You can view various payoff scenarios with
the Bankrate calculator, "What
will it take to pay off my credit card debt?"
If you don't believe you can afford that much money
per month, you can consider two options: First, he might consider
selling some of the music he has purchased. That might get him a
good start on a payment plan. Second, he can contact his credit
card company to see if he qualifies for a hardship program. The
program would reduce his annual interest rate and help pay off the
balance with a lower monthly payment.
Another option is using a combination of student and
PLUS loans to pay for your daughter's college and use the Social
Security payment to pay down the credit card debt. The interest
on the school loan should be much lower, and payments could be deferred
until she gets out of school. Bankrate has a college
financing channel where you can learn more.
Now, to your questions. Because you do not live in
a community
property state, your husband's debts are his own, unless the
credit card is a joint account with both your names listed as cardholders.
Legally, you are not responsible for debt that is in his name only,
and his creditor may not contact you to collect the debt.
Should your husband die, his estate would be responsible
for paying any of his outstanding debts, including the $12,000 credit
card debt. Is the house or other assets in his name? If you are
homeowners, be sure to have the house legally titled so that any
liens, in his name, on the house will not survive him. In Rhode
Island where I live, the term is "tenants by the entirety." You
should have something similar in Georgia. Check this out with a
local attorney.
Bankruptcy might be an option for him, but there are
other issues that go along with that course of action, such as loss
of self-esteem, that can lead to other problems in your marriage.
The Debt Adviser, Steve Bucci, is the president
of Money Management International Financial Education Foundation
and the author of Credit
Repair Kit for Dummies. Visit MMI
for additional debt advice or to ask a question of the Debt Adviser
go to the "Ask the
Experts" page and select "debt" as the topic.
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