Discussing Credit Card Debt With Your Spouse
As your spouse accumulates credit card debt, the repercussions of this are not limited strictly to them. As you apply jointly for mortgages and other loans, their bad credit rating can make it much harder to achieve these dreams. This is why it is important that each of you in your marriage remain honest with each other about bills and expenditures. Should you and your spouse wind up having to face significant credit card debt, it is crucial that the two of you tackle the payments as best you can and not wait for the debt collectors to start contacting you. Keeping these things in mind will allow you to minimize the potential problems that can come from one spouse's debt.
Communicate With Your Spouse
One of the most common ways in which a spouse's debt can turn into a significant problem for both is through a lack of honest communication. Many are embarrassed by their inability to handle their own debt problems, and they try to avoid having their spouse find out by hiding away the issue. Ultimately, this secrecy is likely to lead to much bigger problems down the road than exist at the time. Wage garnishments, legal action, and the pursuit of debt collectors are a few of the significant troubles that can happen when these problems with debt are allowed to grow unchecked.
This is why it is so important for couples to speak openly with each other about any problems they may have. It's not always pleasant to have these discussions, particularly with the person who care for so deeply, but both people in a marriage should be aware of the problems each faces. If you fear that your spouse is not being honest about a problem related to credit card debt, it is important that you not simply brush that concern aside. Reassure them, and explain that the problems one in a marriage encounters today can negatively impact both of you in the future.
Tackling the Debt Together
If, upon speaking with your spouse, you find that there is a debt problem in existence then it is time for the two of you to join together and find a way to repay this debt. This process may prove to be difficult, but only by confronting these obligations and satisfying them can you move forward on a sound financial foundation. Taking the needed steps as soon as possible will allow you to avoid falling even further behind.
As you confront these debts together, you should address these amounts owed in an orderly process. First, total up any and all credit card bills that are waiting to be paid so you can know exactly what amount you are facing. Once you know what you owe, it is wise in many cases to contact the companies owed money in an effort to figure out a repayment plan. If these payments have not been turned over to the legal process or a debt collector, you may be able to work out a monthly payment level that will satisfy the debt without leaving you unable to maintain a lifestyle. Once you've done this, make a plan to pay these off and commit to it.
Discussing credit card debt with your spouse can be an awkward experience. It's never easy to address such a sobering topic with someone you love, but it's a necessary part of keeping your finances in order. If you find there to be any debt to confront, work together and figure out a course of action to repair this broken credit standing.
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State Guides to Credit Card Laws
- North Carolina
- West Virginia