Dear Penny: can i utilize my cost cost savings to cover off my boyfriend’s cash advance?

Final autumn, my live-in partner of four years had to miss many weeks of work because of a vehicle accident and a household member’s death. He got a couple of loans that are payday around $1,300 which will make ends satisfy.

He’s needed to move it over many times and today the total amount is finished $2,500. He is able to just spend the money for charge that is thirty daysly month to move it once again.

We’ve always kept our money separate and separate bills 50/50. My partner hasn’t been irresponsible with cash in past times. It absolutely was only a sequence of bad luck that got him right here.

We have $4,700 in cost cost savings for emergencies. Must I utilize that to bail him using this nightmare? He hasn’t expected me personally for assistance, but i simply desire to place this behind us and obtain a start that is fresh. It will scare us to create my crisis savings down a great deal, but this feels as though the decision that is right. Would I be making a big blunder?

Exactly what your partner is experiencing is completely a crisis. Also you have actuallyn’t merged funds, you have got merged your everyday lives. Therefore in the course of time, it is likely to be your crisis, too.

Payday advances often promote costs that appear reasonable, like $15 for almost any $100 you borrow. Continue reading →