No matter how you slice it, helping with your partners debt will affect your finances. For example, cosigning on one of their loans or taking out a loan for them puts your credit score on the line. Never pay off your boyfriend or girlfriends debt at the expense of your own financial security.
How do I help my boyfriend with debt?
Contents hideYour partner hasnt hidden anything from you.You dont land into debt.Your credit score is not affected.Support your partner instead of making him feel guilty.Keep your finances separate to some extent.Plan a budget and change your lifestyle too.May 24, 2021
Is my partner liable for my debts?
When you take out a joint debt, you and your partner both become responsible for the debt – the full amount, not just “your share” or half. If one of you cannot pay, you are both liable for the full debt no matter who has spent the money. This is what is known as “joint and several liability”.