June 20, 2018
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Can getting out of debt really help save your marriage?

As you are joined together in holy matrimony and take your vows to love, honor, and cherish, you know you’ll have blissful years of happily ever after together. While that may be true, the flip side of that is the simple, routine life that married couples find themselves in as mortgages are signed and families grow.

We know that money ranks high up on the list of topics couples most often fight about. Unfortunately, too many couples find themselves under a mountain of debt and become so angry at each other that they head to divorce court. You may decide that you can no longer live with the way your spouse is spending all the hard earned money. Or, your efforts to save money and pay down the debt are all a waste of time. Whether the debt was brought into the marriage or created later, the stress and alienation it causes can be devastating. 

If you find that your debt is causing much of the friction in your marriage, your number one goal should be to become debt free as soon as humanly possible. Eliminate the debt, eliminate the conflict.

Develop a Debt Elimination Plan
Consider these strategies:

1. Develop a budget.

2. Use savings to pay off high interest loans. Forget the new plasma T.V. and your annual vacation. No pain, no gain.

3. Switch to lower interest credit cards.

4. Pay more than the minimum so you end up paying less for things in the long run and pay it off more quickly.

5. Cut spending. Kick your expensive habits, impulse buying, and cut up those credit cards.

6. Seek credit counseling.

7. If necessary, commit to a debt management plan to consolidate your payments and obtain lower interest rates on your unsecured debt.


Benefits to Tackling your Debt

The benefits of becoming debt free are so numerous and fall into two different categories: financial and personal.


Financial Benefits

Personal Benefits within a Marriage

·        Easier to qualify for a loan/mortgage

·        Will pay a lower interest rate on loans or credit cards

·        Better terms on credit cards

·        Will pay less for insurance

·        Can focus on savings and retirement—maximize your own money

·        Save your home



·        Restores trust in your marriage

·        Eliminates stress

·        Sleep better

·        Working towards a common goal

·        Reinforces partnership

·        Argue less

·        Fosters accountability and honesty

·        Better communication





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