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Take out a Debt Consolidation Loan before you Marry
So you are getting married? Is it safe to assume your fiancé knows about your debt load? Is it safe to say you know about his or her debt load? If not, you both need to sit down with your bills and discuss how much you both owe before you enter into the wonderful world of wedded bliss.
Very often young couples get married and prepare to face their future with their husband or wife as couple only to discover they didn’t know about their spouse’s financial woes. Once they find out they have married a credit creep, and yes that is often how they will see it, problems will begin to brew.
Before you marry anyone, you should know what the other person looks like on paper. If you are in a good place financially, you don’t want to marry someone who is going to bring down your credit score the moment you say I DO and they will if they have a problem managing debt.
A debt consolidation loan is recommended for both people in the relationship if both people are entering into the marriage with an excessive debt load. Before either person commits to the relationship as man and wife, they should each have their own finances in some sort of manageable order.
Debt consolidation can be taken care of easily if you aren’t trying to cover up the debt load with someone you intend to marry. However, if you enter into a marriage with someone you are already keeping secrets from, then you will discover a rocky road ahead. You can’t hide your debts from someone you live with for very long.
As soon as you agree to say I DO, take a moment to see what you are saying I DO to. Sit down with every bill you have. Credit card statements, student loan statements, car payment books, boat payments, and everything else you each owe should be discussed. It may be necessary to combine all of it together for one manageable loan. However, keep in mind, you may not be able to obtain a loan together with all debts included if you both owe too much money.
A debt consolidation loan should be approached in a way that you both feel comfortable with and a word of caution, don’t ever take over all of the future spouse’s debt into your name alone. When the knot isn’t tied, nothing is finalized!
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