Тhere is nothing easier in life than accumulating credit card debt. This applies to single people as well as couples. If you are single, you have extravagant spending habits, and there is no one to control you, you run the risk of amassing debt very fast. This could be mitigated by the presence of someone with sound financial sense. On the other hand, you may be managing to (just barely) cover your debt when you are on your own, but then you meet someone who spends even more than you do, and the two of you fall deep in debt. Now what?
The debt of some couples amounts to $100,000 – $150,000 or even more. Some manage to erase it, with time and willpower. This situation is actually not as rare as one might think. Some spouses have too many cards, buy too many things too quickly, and do not pay off enough to keep the debt low. Thus, it continues to rise and rise, what with interest being compounded on top of interest, which can be in the range of 35 percent at that. A horrible situation, indeed. Some couples resort to non-profit organizations providing free counseling to people who struggle with credit card debt. These organizations set up a debt management strategy and agree upon reduction of the interest rate with the credit card company. Spouses pay large amounts every month. Of course, their lives turn around completely. They can not dine out any more, much less afford any greater luxuries like going on vacation or buying a new car. I guess it is better than going to jail. They probably think so too. Most of all, they have to realize they can never use credit cards again. They should pay their way with cash, however much they have of it.
Couples share that the first year is the hardest of all. This situation reflects on their relationship. There are arguments, fights, maybe even physical aggression. When you do not have the luxury of splurging, your hidden problems start to emerge. Overspending, what they did, is a symptom of something that is missing in the relationship. Now you are struggling with that, too, not just the debt. You may manage to pay off the debt in full, and (applause) your credit rating rises again.
That’s basically it – work together, be patient with each other, and if you are really deep in debt, contact a non-profit service to help you out by devising a long-term repayment plan. Make it a point to focus on each other’s spending habits, so this can fulfill the function of a system of checks and balances. Do not blame each other for things that you are both responsible for. Act like adults – this will be hard, because being immature about spending is what got you in this position in the first place. If you recently became a couple, find out the credit status of the other partner. It is good to know about these things early on, else you might be in for a nasty surprise!
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