Debt Management for Couples

Debt is among the top relationship killers, so if you have one (or lots of) waiting to explode, it’s time to get your act together – and fast. It might feel more comfortable to handle debt on your own, but understand that your partner has a right to know. After all, this affects your spouse, too, regardless if the debt was acquired before the two of you got married. Don’t worry, debt is something you can put an end to especially if both of you are bent on working it out. Here are some steps to take when debt attempts to ruin your wedding vows.

  1. Get the secret out. Being honest is a good start and it is advisable to not leave out important details just because your spouse did not ask. There’s no perfect time to tell this but saying it when things are cool between you may encourage attentiveness and acceptance instead of blurting it out when your partner is already tired or angry.
  1. Talk about how you can pay off debt. Understand if your partner needs to let off some steam especially if you are solely accountable for the debt. Once things have settled, you can start talking about solutions. Restructure your budget, get funds from savings, sell a property etc. Consider your options and decide as a couple.
  1. Team up in avoiding new debt. It is true that debt can destroy your relationship, but it can also create a stronger bond between you. Instead of blaming, help each other survive this crisis. Be each other’s guard when tempted to buy new gadgets. Indulge in free but fun activities like biking together instead of watching movies or shopping.
  1. Get help from a financial planner. When dealing with a huge debt, a misstep can easily make matters worse that it’s best to get experts on board. They can rank your debt, widen your options, develop a payment plan, and even direct you to people and organizations that can assist you like a debt consolidation company.
  1. Accept that money issue is part of any marriage. If it’s not debt, it could be illness or unemployment. The point is, money will always be an issue and this is true even for wealthy couples. Keep in mind that your marriage is more important and there’s nothing you can’t rebuild if you have each other’s back.

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