Content warning: This episode discusses domestic and financial abuse. Please take care while listening, and feel free to skip ahead if this isn't the right conversation for you today. Support services are listed in the show notes. If you are in immediate danger dial 000 (in Australia)
Most of us take on debt at some point – a credit card, a car loan, a mortgage. Alone, it's straightforward: you owe it, you pay it back. Shared debt works differently, and almost nobody explains how before you sign.
In this episode host Catherine Fitzpatrick is joined by finance commentator David Koch, along with returning guests Simone Weston, executive leader and domestic and financial abuse survivor, and Sue Fraser OAM, financial counsellor of 30 years.
Kochie explains why he calls hidden debt “financial infidelity”, the golden rule of never signing anything you don't understand, and why becoming a guarantor for someone – even your own child – can cost you your house. Simone revisits the moment she lost “structural power” over her own finances: the difference between using an account every day and actually being the named authority on it. And Sue discusses the importance of understanding how contracts are structured when you take on shared debt.
This is the conversation for the moment before you co-sign anything – a loan, a lease, or a favour for family. Because love shouldn't cost your freedom.
YOU’LL LEARN
- Why “joint” debt means you're liable for all of it, not half – and why a joint savings account works the same way in reverse
- What David Koch calls “financial infidelity”, and why secret debt is a form of it
- The difference between the asset (who owns what) and the debt (who's liable)
- What “structural power” means, and why being the named account holder matters
- Why you should never sign anything until you understand it
- What becoming a guarantor really means, including for your own child's mortgage
- How to make money conversations a regular, low-stakes habit instead of a crisis conversation
- What to check the next time a joint statement lands in your inbox
GUESTS
David Koch (Kochie): finance commentator, former Sunrise co-host and economic director, Compare the Market
Simone Weston: executive leader, keynote speaker and women's advocate; domestic and financial abuse survivor
Sue Fraser OAM: financial counsellor
RESOURCES
David Koch IG: https://www.instagram.com/kochie_online/
Kochie LI : https://www.linkedin.com/today/author/kochie
Simone Weston: https://simoneweston.com.au/
Simone LI: https://www.linkedin.com/in/simone-weston-38a616b/
Simone FB: https://www.facebook.com/SimoneWestonCo/
Sue Fraser LI: https://www.linkedin.com/in/susanjfraser/
Before You Say Yes IG: https://www.instagram.com/beforeyousayyes.pod/
Catherine’s website: https://catherinefitzpatrick.com/
Catherine IG: https://www.instagram.com/catherinefitzpatrick.official/
Catherine LI: https://www.linkedin.com/in/catherine-fitzpatrick-designedtodisrupt/
FIND SUPPORT (Australia)
If you or someone you know is experiencing family violence, contact 1800 RESPECT (https://1800respect.org.au/) (call 1800 737 732). If you are in immediate danger, dial 000.
The Men’s Referral Service (https://mrs.org.au/) provides counselling, advice and support for men. Please call 1300 766 491.
13YARN (http://13yarn.org.au) offers confidential, culturally safe crisis support for Aboriginal and Torres Strait Islander peoples. Contact 13 92 76.
The National Debt Helpline (https://ndh.org.au/) provides free advice on how to manage your debts. Call 1800 007 007 for support.
The Centre for Women’s Economic Safety (https://cwes.org.au/) offers free Money Clinics™ for women, non-binary and gender diverse people experiencing financial and economic abuse, or who are concerned about their finances in the context of domestic and family violence. To book an appointment call 1800 730 031.
For crisis support or suicide prevention services contact Lifeline (https://www.lifeline.org.au/) on 13 11 14 or text 0477 13 11 14 at any time.
Kids Helpline (https://kidshelpline.com.au/) is Australia's free, private and confidential 24/7 phone and online counselling service for young people aged 5 to 25. Call 1800 55 1800.
Listening from outside Australia? If you or someone you know needs help and you’re not based in Australia, please reach out to local emergency services or visit https://findahelpline.com to find trusted crisis support, financial advice, or domestic violence services in your area.
THIS ISN’T FINANCIAL ADVICE
The information provided on Before You Say Yes™ the podcast is for general educational purposes only. It does not constitute financial, investment, or legal advice. Always consider your personal circumstances and seek independent professional advice before making any financial decisions.