Risky Business

In an earlier post I mentioned that my husband is out of work. He lost his job in September. Unfortunately, that was the spark I needed to get serious about my financial health and my future. I told him this. Also, I explained my plan to him. I told him that I was going to pay down my debt by June 30, 2009 and then I would begin working to help him pay down his debt. I figure that using the snowball method the only debt we should have by the end of 2010 is the mortgage and home equity.

Well, a couple of weeks ago I came home from my snowflaking job and he asked me if I had a few minutes to talk. I said I did. Then he said, "Tell me how much you owe on your credit card because I'm going to take some of the retirement money and pay it off." I took a real deep breath. Then I asked, "Are you sure you want to do that?" I reminded him (like I really needed to) that he's not working and that maybe it would be better if we waited until he was employed again to discuss this just in case we need that money to pay the mortgage, heat or electricity. He replied, "No, let's just do it." I always remind him that I look like I have a lot of debt compared to my income because of the mortgage, the home equity, and we have a joint credit card that I've never used but he always uses. He said that this way since I'm job searching if a prospective employer checks my credit (which we know has happened) it won't look so bleak.

The next day I sent him an e-mail with the balances on the two credit cards that I have. One I had closed at the end of September and the other is still open, but I don't use it. In fact, I'm seriously considering closing that one too. He said to take the money from our joint checking and pay down one of them. So I did. I paid down the one that I had closed.

My spouse is ultra, ultra conservative. He rarely takes risks. So you can imagine my surprise when he suggested this risky business.