I’ll never forget the day I heard my husband say “instalment plans killed me”.
I was completely taken aback as I had no idea what he was talking about.
We had been married for a few years, and I hadn’t noticed any financial issues. It wasn’t until later that I realized he was referring to credit card instalment-free plans.
At first, I was curious about what he meant. He explained that he had been using credit cards to purchase items and had taken advantage of instalment plans.
He saw them as a way to spread out the cost of items and make them more affordable. What he hadn’t realized was that by taking on these plans, he was actually taking on more debt.
Cycle of debt
He said that he had been paying the minimum payments on these plans for years, but he was only making a dent in the total balance. The interest on the balance kept accumulating and he was stuck in a cycle of debt. He said that while he thought the instalment plans were a good idea at first, they had quickly piled up and he was now in over his head.
My husband had been using his credit cards for years, but I had no idea that he was taking on instalment plans. I was shocked that he hadn’t told me about it. I had assumed he was being responsible for the cards, but I had no idea he was taking on this extra debt.
I tried to talk to him about it, but he was in denial. He said he could handle it and that he would figure out a way to pay it off. He was stubborn and refused to accept help.
Unfortunately, he was wrong. Our financial situation quickly became worse. We were already struggling and his debt was putting us further in the red. We were barely able to make ends meet and I was starting to worry about our future.
Things got even worse when I went on a shopping spree (before I knew about the debt issues).
I had been wanting to buy some new clothes and I thought it would be a good way to cheer myself up. I charged several items to my husband’s credit card, not realizing that he had taken on an instalment plan for them.
When he saw the charges, he was furious. He said that I had ruined him and that I had made his debt situation worse. He said that I should have known better and that I had put us in a tough financial situation.
I was devastated. I had no idea that my shopping spree would put us in this much trouble. I felt guilty and ashamed and I knew I had to do something to fix it.
I started researching ways to get out of debt and the only thing we could do is stop spending and save more money.
But it is something that is needed in the long run both of us have to stop spending. I wished he told me sooner.