Can Debt Consolidation help You merge Finances with Your New Spouse?
Any newlywed can tell you that there’s a lot more to getting married than planning a wedding. Merging households, lifestyles, and finances can be huge challenges, especially for couples with some life experience. For a modern couple with credit cards, student loans, and other debts, combining finances can seem like a major chore. Fortunately, debt consolidation may be able to help.
One of the biggest challenges to combining two sets of finances is figuring out how to combine loan payments. Often, each person brings in debts that they accumulated before the relationship began, but once each person has taken on a different set of the household expenses it may not make the most sense to keep paying debts separately.
In many cases, a person who has come into the marriage with a lot of debt needs to get it paid off so that both members of the couple can go forward with plans to buy a home, save for a baby, or achieve other goals. If only one member of the couple is working on paying off the debt, however, it can take a lot longer to get everything paid off. In other cases, both members of a couple need to get out of debt, and it just makes more sense to tackle the problem together rather than separately.
This is where a debt consolidation loan can help. These loans can combine all of your debts together into a single loan. This loan will have a lower interest rate than what you were previously paying, making it possible to get a lower monthly payment and get the debt paid off faster. By combining the loans together, the two of you can work on getting out of debt together. Rather than constantly fighting about who should pay which debt, you’ll have one bill that you can decide to split however you want.
<p data-sp-element=”content”>The important thing about using a debt consolidation loan is that you and your spouse will be able to work together to get your debt paid off as quickly as possible. If your incomes are tied together, then it only makes sense to produce one budget with one, manageable debt payment every month. With debt consolidation you’ll be able to work towards getting out of debt as quickly as possible, then use the money you save to meet your other financial goals.