 The vows have been said, eternal love has been promised, the honeymoon suntan is fading and you are coming back down to earth. Hopefully you return is not with a bump!
Money problems rate highly on the list of reasons why many marriages fail. Financial issues, and the stress surrounding them, might not be the sole cause of nuptial breakdowns, but money issues always intensify smaller issues. There are many difficulties that face new (and old) relationships and financial woes will highlight and aggravate these. The great news though, is that there are things that you can do to avoid money hassles and thereby increase your chances at a long, happy and potentially stress-free marriage.
So, let’s go back a few steps to before the Big Day (your wedding). Here are a few things that a couple who are considering marriage should take into consideration before crossing over into wedded bliss:
- Have a serious talk with your partner about your future financial goals; where you would like to be financially in the next 10, 20 or longer years.
- Discuss your money management styles; is having a nest egg stashed away important to you, or are you more blasé about financial security? Are you good at managing money or are you one of the last big spenders? It is essential that you be completely honest so as to avoid surprises on either side later on.
- Don’t lie about debts. Hiding a problem will only cause it to fester and it will have the potential to explode later on. If you have debt be open and honest, don’t hide problems.
But let us take a look at a worst-case scenario: all of the above suggestions have been ignored and one of the partners in the marriage has managed to wrack up a large credit card debt upon which he or she is unable to afford the repayments. (This is becoming a more and more common scenario as interest rates keep increasing; the cost of living (food, petrol, and housing) rises on an almost daily basis). Where to from here?
The first step would be to be honest and admit to the problem. The next would be to seek help to settle the debt, and this is where a debt consolidation loan might be the answer that you need. Another avenue is to apply for debt counseling with a registered (with the National Credit Regulator) counselor so that a restructuring of debt can be arranged.
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Debt Blog 