Here's the situation -
We've dated for about 18 months now. He's 30+ and pretty good to me. We have common interest and get along and communicate well.
Around 3 months in the relationship, I happen to find out that he's actually in some kind of credit card debt. I confronted him and he say he's trying to pay it off already. The amount around 5k. Till recently, i ask him how much has he paid off, the debt is still around the same, (5k shouldn't take so long to pay off right). So after drilling him for abit, he confessed that it's more then 1 card, total amount pilled up to 18k over 3-4years. He brings home around 2.8k(with lots of OT) a month, after paying off his car loan, bills, insurance, he's only left with 1k(at most). That's the amount left for food n to clear the debt. I felt so bad and sad the moment I found out. And to think we even went phuket 6 months ago. If i were to know he's in SO MUCH debt, I wouldn't have go ahead with that plan. At the same time, I felt really disappointed with his money management and feel very insecure. But he has realise his mistake and whats done has been done. No point crying over split milk. I believe I should give him a chance to settle..
So I sat down with him, do some financial planning, let him realise where his money goes and hope he can understand where's the problem lies and what's the situation he's really facing. I told him he had to really saved up every single cents already.
I wanted him to sell the car. He's paying total around 1k(petrol, installment, parking) on it. But he said it's a lost in money, COE so high now and he needed for his work. So i say at least he has to stop the interest rate and late payment. I ask him to borrowed from his relatives first. He wouldn't do that, saying he doesn't want to owns them a favour. So I asked him to go take up some financial loan from 1 bank, paid off all the credit cards and just concentrate on paying the monthly repayment. He tried a few banks and they rejected his application..
I've never been in this kind of financial situation before and all the above solutions is all I can think of. I'm actually quite stress out after knowing this. 18k may not be a huge amount of money but it's not little as well, at least I don't even have that in my savings.
Giving him advise, encouraging him to solve the problem is the only way I can help him now. If all his personal loans application doesn't gets approved, I see no end to this matter. The interest will just keep increasing.. please any advise here..
We've dated for about 18 months now. He's 30+ and pretty good to me. We have common interest and get along and communicate well.
Around 3 months in the relationship, I happen to find out that he's actually in some kind of credit card debt. I confronted him and he say he's trying to pay it off already. The amount around 5k. Till recently, i ask him how much has he paid off, the debt is still around the same, (5k shouldn't take so long to pay off right). So after drilling him for abit, he confessed that it's more then 1 card, total amount pilled up to 18k over 3-4years. He brings home around 2.8k(with lots of OT) a month, after paying off his car loan, bills, insurance, he's only left with 1k(at most). That's the amount left for food n to clear the debt. I felt so bad and sad the moment I found out. And to think we even went phuket 6 months ago. If i were to know he's in SO MUCH debt, I wouldn't have go ahead with that plan. At the same time, I felt really disappointed with his money management and feel very insecure. But he has realise his mistake and whats done has been done. No point crying over split milk. I believe I should give him a chance to settle..
So I sat down with him, do some financial planning, let him realise where his money goes and hope he can understand where's the problem lies and what's the situation he's really facing. I told him he had to really saved up every single cents already.
I wanted him to sell the car. He's paying total around 1k(petrol, installment, parking) on it. But he said it's a lost in money, COE so high now and he needed for his work. So i say at least he has to stop the interest rate and late payment. I ask him to borrowed from his relatives first. He wouldn't do that, saying he doesn't want to owns them a favour. So I asked him to go take up some financial loan from 1 bank, paid off all the credit cards and just concentrate on paying the monthly repayment. He tried a few banks and they rejected his application..
I've never been in this kind of financial situation before and all the above solutions is all I can think of. I'm actually quite stress out after knowing this. 18k may not be a huge amount of money but it's not little as well, at least I don't even have that in my savings.
Giving him advise, encouraging him to solve the problem is the only way I can help him now. If all his personal loans application doesn't gets approved, I see no end to this matter. The interest will just keep increasing.. please any advise here..