Today on MoneyLife with Chuck Bentley
Friday, November 20, 2009
Hiding Debt from a Spouse
Our guest today is Jamey McMinn. She’s going to talk about how she used to hide debt from her husband. This has been called financial infidelity. It happens more often than you might think, especially if husband and wife have two different philosophies about money. It can ruin a marriage. Jamey's story today is one of redemption in the Lord, and it will give you hope. God gives husbands and wives different skills, and it's best to divide responsibilities according to those strengths. Spouses need to respect each other’s opinions, and mutually submit to one another, and submit together to the Lord. When one person won’t submit, has to have it his or her own way, it can destroy the marriage. Spouses need to be on the same page under God’s leadership.
Jamey and Patrick didn’t start out on the same page about money. Patrick never used credit, and only bought things he could pay cash for. Jamey didn’t have that same conviction. She believed in working hard, making a positive difference in the lives of others, but she thought as long as she worked hard and earned income, it was ok to use credit cards and carry debt. Her debt accumulated over years, and she didn’t tell Patrick about it. It started with $800 in credit card debt when they got married, which Patrick paid if off when he found out about it. Then, the couple bought a mobile home, but Jamey wanted a permanent home. So they bought a house. At the time, she had $20,000 in credit card debt on 8 credit cards. Two were even in Patrick's name and he knew nothing about them. Jamey was using one credit card to pay other credit cards. That was when she heard Larry Burkett on the radio one day talking about how many Americans were paying more on credit card interest than they were tithing. Jamey found that to be true in her case. She was convicted about how much money she was wasting, and that more could be given to God’s kingdom. Her pastor then gave a sermon on unity in marriage. Jamey knew she was struggling to submit and felt convicted to confess her sin to her husband. Jamey got all the credit card statements and showed them to her husband. She told him she had $28,000 in credit card debt. Patrick didn’t talk to her for two weeks. He then, in a loving way, went to work on the problem. He rolled the debt over to 0% credit cards and put together a budget. Patrick and Jamey began leading Crown classes at their church. God provided the money needed to pay off the credit debt through a variety of blessings in 6 months. She can't explain it; she just gives the Lord all the credit. Jamey believes it happened because she was sincere in her repentance. She submitted first to God, then to her husband, staying focused on the Lord. Her marriage was totally restored, and she and Patrick are growing closer every day. Jamey and Patrick believe people need to learn and apply God’s financial principles. She encourages others to take a Crown class. She says God is the source of all blessings, and she sees God work in the lives of others. Jamey has developed a passion for spreading the word about living in God’s economy. Jamey also reports that over $600,000 of debt has been eradicated through leading Crown classes at their church! |
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Dos and Don'ts of Credit CardsThe primary cause of financial problems for most families is the misuse and abuse of credit cards. |
Credit Card Interest and FeesBy the Fair Credit and Charge Card Disclosure Act of 1988 credit card issuers are required to provide applicants with detailed information. |
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Using a Credit CardThere is nothing wrong with using credit cards if people are able to discipline their use by following some very simple guidelines. |
Rollover Method for Paying Off Credit CardsThere is a light at the end of the debt tunnel. By applying some simple principles, you can begin to pay off credit cards and become debt free. |
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Other Resources: |
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Jamey McMinn is a longtime listener. She's been married to her husband Patrick since 1991.
