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Newlyweds 101: Dealing with Existing Credit Card Debt

We all know that marriage takes compromise, patience and lots of love. But what about money?

Amidst all of the wedding and honeymoon planning, it is important to take time to discuss finances with your fiancé. Unfortunately, talking about finances is often the first thing to get bumped when life is hectic and wedding plans are in full swing. However, it is not only unwise, but detrimental to your marriage, to begin your life together without first discussing your finances.

One of the most important subjects to cover is credit cards. You may want to ask yourself and your fiancé the following questions:

• - How many credit cards do you have?
• - Are there existing balances on the credit cards?
• - What is the monthly payment on your credit cards?
• - Have you ever defaulted on any credit cards?
• - Do you currently have any credit cards that are not in good standing?
• – What are your overall views on credit and credit cards?

If you begin to search for the answers to the abovementioned questions, managing your finances once married will be much less stressful.

It is vital that you and your fiancé essentially lay it all out on the table so that you can enter your marriage without any secrets or any surprises.

• - If you find that your views regarding credit cards and debt is much more stringent that your fiancé’s, you may consider managing the finances.
• - Now is also the time to pay off as much debt as you can, and to do what you need to do to get all of your credit cards in good standing.
• - You and your fiancé may find that ordering copies of your credit reports may also prove to be extremely useful when sorting through your debt. Having copies of your credit reports on hand will allow you to clearly make sense out of each other’s credit and will enable you to both get a clear idea of where you stand financially.
• - If credit card debt is a serious issue that you cannot readily solve, you and your fiancé may choose to seek the services of an accredited, consumer credit counseling agency.

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Posted on Wednesday, Jun 10, 2009 under "Credit Card Debt Credit Score"
Post tags: credit card balance, credit card default, finances, good standing credit cards, pay off debt

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