I used my boyfriends Social Security number to open a credit card in his name.
I was out of work and couldnt get a credit card on my own.
I havent made any new charges since I got a new job.
Trying to climb out of debt? Here are50 ways to bring in extra money this month.
The balance is around $4,800.
Ive always made the minimum payment (about $245 right now) on time.
If I die, would he be responsible for the debt?
Will I hurt his credit score?
Thats a serious crime.
What you really need is advice from an attorney.
None of what Im about to say is intended as legal advice.
So, you stole your boyfriends identity or maybe you somehow relate to this scenario.
You might be in some sort of situation where youre a little desperate for some money.
Why not start with some legal ways to cut the bills youre currently paying?
Heres a list of things you’ve got the option to look into.
If you died, presumably the payments would stop.
That balance could make it harder for him to qualify for a mortgage or car loan.
Again, whatever an attorney tells you should supersede my advice.
Hes pretty likely to discover it at some point if hes at all vigilant about monitoring his credit.
Telling your boyfriend what youve done will hands-down be one of the hardest conversations youll ever have.
Expect that this will end your relationship.
Give your sincere apologies, but avoid making excuses.
Offer him a plan that shows youre serious about paying off this balance as quickly as possible.
This cant be about doing whats convenient for you.
You could apply for a second job and offer to put the entire paycheck toward this debt.
Think about whether you have any belongings you could sell to pay it off faster.
When you reduce your credit utilization by paying down a balance, your credit score rebounds pretty quickly.
None of that is meant to minimize this breach of trust.
Again, my advice is intended to minimize the damage to your boyfriends finances.
You made a really big mistake here.
The best-case scenario is that you make major sacrifices to pay off the debt you charged up quickly.
But be prepared for the worst-case scenario that your boyfriend does decide to report you to authorities.
All of this is scary, no doubt.
But Im guessing it doesnt feel good carrying this weight around, either.
The sooner you face the consequences, the sooner you could recover from your mistake.
Robin Hartill is a certified financial planner and a former senior writer at The Penny Hoarder.
