Eliminating Credit Card Debts Before Marriage
Getting married is our dream and it creates a whole new life for a couple. By being married, we are working together as a team in all aspects of our lives, physically, spiritually, emotionally and financially as well.
The major concern when it comes to finances is often related to personal debt, especially credit card debt. Many couples go into marriage without being aware of the debt of their brides or grooms. Indeed, although the debt is a personal burden, married couples will eventually face the problem of debt right after the wedding as the result of excessive personal debts. This can cause unnecessary stress on a new couple and in fact 70% divorces in US are caused by financial problems.
You should make a sound financial planning at least 6 months before the wedding. This means that you should try to eliminate any major debt that you have before getting married and this includes implementing practical plans to get out of credit card debt. You should also honestly explain your financial situation to your fiancé and make a promise that you’ll settle most or all of your credit card debts before the wedding. Cancel credit cards that have high interest rate and only keep a card that offers favorable rate. You can notify the credit card companies that you are getting married and planning to close your accounts.
The best ways to erase credit card debt is to plan your monthly expenses and allocate a certain amount to repay your debt each month. You can transfer part of your balances to 0% APR card to lighten your load while you are paying monthly payments. Also, do not charge your credit card unless really necessary, because they just increase the amount of the debt you’re trying to eliminate. Otherwise, both of you can also check your credit reports so that differences can be sorted out as soon as possible. If you do now, it will help to avoid future disagreements that could result in serious problems in your marriage.
After your credit card debt is cleared, try to find a mutual agreement between the two of you about the type of expenses to be charged to your remaining credit card and those that must be paid in cash. Also, make sure that you are committed to pay off the credit card balance each month. It is also a good idea to consolidate your remaining credit card debt and apply for a new card with favorable terms, so your family can start anew.