When you consider credit card debt and its effect on a marriage, which is especially worse when only one person in the relationship has created credit card debt, it’s important to understand how this affects both of your futures truly. Even if you’re equally responsible, credit card debt can be very stressful on marriage and all relationships.
First, you need to understand the situation. Look at it realistically and determine what you’re going to do from now and into the future. If you and your spouse have a serious goal, you can make it through this.
- Add Up All Consumer Debt – Before you can tackle credit card debt, you have to be realistic about it. Start with adding it all up and getting it in a spreadsheet so that you can really and truly know what you’re doing with.
- Consider Legal Responsibility – Even if you’re equally responsible for creating the debt each state has their own rules about who is responsible if one of you should die or if you get a divorce. This is an important consideration moving forward. No one wants to leave their family crippled with debt.
- Keep Communicating – It can be hard, especially if one party feels guiltier (or angry) than the other party in the relationship, but if you want to get through this it’s important that you keep communicating about it in a non-accusatory manner.
- Seek Counseling – One way to ensure that you come through this whole is to find someone who specializes in consumer debt and marriage counseling to work with. This may be a counselor, but it may also be a relationship and money coach as well. Either way, you both need to be on board to work together on this.
- Be Realistic – Dealing with credit card debt is not going to be fixed overnight. The best way to go about it is to work toward paying it down each month and not using the credit cards. You’re better off paying them off than saving money because of the high interest. People who work toward paying them down each month tend to avoid making the same mistake again, as opposed to people who get a loan to pay them off.
- Think About the Future – Credit is something that can make or break your future. Is that $2000 bed worth it even if there is no interest for the first 12 months? You must be realistic about what your budget can afford regarding If you can’t pay off the debt in six months to a year, it’s probably too much.
The best way to deal with credit card debt is not to take it on without serious thought about how it affects your budget. Make a rule when you buy something on credit that you must pay it off by a certain time to avoid high-interest charges. Try not to use more than 20 to 30 percent of your available credit at a time.
