Newlyweds Need To Think About Debt Before Saying “I Do”
When you’re planning your wedding, the last thing you may want to think about is your debt. Yet that’s exactly what engaged couples should do.
Face it–not only is the wedding itself an extraordinary expense, but after the honeymoon is over, there are a lot of other costs that newlyweds face: possible relocation, a down payment on a new home, and general household expenses. Most couples plan to start a family, which is an expensive undertaking. They should also begin saving for their retirement as soon as possible. That’s why it makes good financial sense to eliminate any existing debt before you exchange wedding vows.
Since many couples are waiting longer to get married, it’s likely that both the bride and the groom may have substantial debt going into the engagement. They may have gotten credit cards in college, then racked up high balances for rent, groceries and other day-to-day living expenses as they began the job search. In today’s depressed job market, many people are relying on their credit simply to make ends meet. High interest rates, late fees, and finance charges all add up, making it even more difficult to reduce credit card debt. Many young people are having a hard time even whittling away at their debt, let alone paying it off.
It may be tempting to enter into bankruptcy proceedings, especially with the knowledge that soon you will have a partner whose credit you can use to finance major purchases and investments. But bankruptcy can negatively affect your credit for up to ten years, and many household expenses such as buying a house or a car, or even renting some apartments, require that both parties submit credit applications.
Another option to consider is a form of debt management, such as debt settlement. This is a legal and sensible way to not only reduce your debt—in some cases up to 50% of the total balance owed—but also to gain control over those overwhelming interest rates and late fees. A qualified debt settlement counselor can even ask your creditors to lower your interest rates, or waive accompanying fees. The counselor will also negotiate a settlement amount, and possibly even a payment plan, so that you can begin to tackle your debt once and for all.
Moreover, debt settlement counselors take over the burden of dealing with your creditors, and will help you through the entire process of providing debt relief. That way, you can focus your attention on the things that really matter, such as the love you share with your intended—and whether to have a band or a DJ at the reception.
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Article Source:http://www.articlesbase.com/personal-finance-articles/newlyweds-need-to-think-about-debt-before-saying-i-do-912779.html
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