Credit Advice for Newlyweds

Newlyweds are bombarded with financial advice and getting good credit advice is critical. Good advice can go a long way towards improving your financial situation in the future. Handling your finances properly will also help strengthen your marriage. The most common reason for divorce is fighting over money problems. Therefore, if you can avoid the problems that cause fights, your marriage will be much better off for it. Here are a few tips to help you manage your credit and debt situation.

Get One Credit Card

Credit card companies are ready and willing to offer you credit with a high balance. The problem is that many new couples get so far in debt that they can't get out. Credit card rates are high and there are high fees assessed when a payment is missed. The best way to avoid racking up big balances is to just get a single credit card. You don't need five or six to get by. One good card, with good rewards is all you need. You need to only use it for certain circumstances. If you make large purchases with it and then pay off the balance, you can stay out of trouble. You can accumulate the points for travel or consumer goods and not have to worry about the high interest.

Talk About Issues

Another common problem that many newlyweds suffer from is lack of communication. You should sit down with your spouse and make some decisions about your financial future. Did one of you come into the marriage with debt? If so, you should come up with a plan on the front end of the marriage about paying it off. Do not blindside your spouse with some huge credit card balance that you haven't made payments on in the last six months.

Come up with a monthly budget for debt payments and think about what you can cut back on until the debt is gone. Talking about the issues between each other allows both of you to feel in the loop. Even if one person will be responsible for the finances, you should at least involve the other person in the process. Talk about what you want as a couple and make the decisions that get you to that end goal. This can save you a lot of fights and headaches over the years of marriage.


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