Marriage and Debt - A Bad Mix

So many couples struggle with debt

So many couples struggle with debt. The problems created by debt can be so stressful that they can lead to divorce unless the couple consciously, and with determination, puts a plan into action to systematically pay it off.

Unfortunately, couples aren't always honest with each other about their spending. One party may run up $10,000 or more in credit card debt without the other knowing.

Even if one spouse is "responsible" for paying bills, both need to have access to the bills and other accounts and both need to be fully aware of status of the accounts on a regular basis.

Credit counseling helps many couples become debt free every year. Allowing a third party to evaluate your budget, suggest areas where money can be saved, and implement a repayment plan with creditors is a lot easier for couples to deal with rather than battling your spouse about the new digital camera that he/she just brought home.

Offering an easy, low cost way to approach your debt problems together, credit counseling works for thousands of people. They may go in arguing, come out with a manageable plan, the understanding that it can work, and the drive to stick to it.

Trouble Signs-look for these symptoms in your marriage that could lead to debt:

Impulse buying

Unexpected bills, such as medical bills or car repairs that can't be paid in full

Unemployment

Living paycheck to paycheck

No savings

"Can't say no" regarding purchases or gifts for your children

Using credit cards to cover expenses that your income doesn't

Marriage and Debt - A Bad Mix

By: Greg McTaggart

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