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.
Securing Credit Card with Poor Credit Score
In today’s financial situations, it isn’t unheard of for consumers to have bad credit score. If you’ve less than perfect credit score then take heart; as you’re not alone. One of the consequences of having a bad credit rating is that securing a credit card in the future can be tricky. Obviously, people with a poor credit rating are considered riskier to potential lenders. As a result they’re often turned down for many things such as car loans. But, it is still possible to secure a credit card when you have poor credit score – you just have to know what to do.
First off, there are lenders who are agree to offer those with bad credit score some assistances for securing credit cards. So if you’re in this situation and are planning to have a credit card you do not need to worry. There is always a chance that you’ll be able to secure a credit card and start using it.
To begin your search for a good credit card, it is a great idea to use comparison sites. With those sites, it’s possible to see all credit card companies on the market that accept those with bad credit. So make low credit score as one of your options when searching in a comparison site. This way, you will save time and money trying to apply credit cards to companies that only accept good credit rating.
You should be aware that when applying for a credit card, your bad credit may mean higher interest. Lenders apply a higher rate of interest to compensate the risks attached to issuing credit cards to those who have bad credit. It’s a good idea to check the rate of interest so you can decide whether a credit card company is worth your effort.
Secured cards are good for rebuilding your credit score. By proving that you can responsibly deal with a small credit limit you’ll then be rewarded with larger lines of credit. The credit card company will report your financial situation to the leading credit bureaus which will eventually increase your credit score.