How to convince your spouse to try Debt Consolidation
In a recent survey of marital problems, over half of the couples surveyed cited “money” and “debt issues” as the biggest reason for their fights. Unfortunately, money issues is also the most common reason cited for divorce. That means that if you want a good relationship with your spouse, it makes sense to focus on fixing your money problems.
The most common problem that spouses have when it comes to money is that there never seems to be enough of it. Because finding time to work another job can be difficult, most couples focus on cutting back on expenses in order to free up cash for other purchases or bills. Debt consolidation can be a good way to cut back on your debt expenses, but many people are hesitant to sign up for what they think of as another loan.
If this sounds like your spouse, it can be a good idea to present debt consolidation as a type of debt refinancing than as a new loan. After all, a debt consolidation loan will pay off all of your existing debts and replace them with a new loan. Like refinancing, this loan will give you a lower interest rate than what you’re currently paying. Unlike my refinancing loans, however, you don’t have to pay transfer fees. You and your spouse don’t want to waste your hard-earned money on interest and fees.
Another common concern is if a family can afford the payments that come with a debt consolidation loan. When people hear that the loan will pay off all of their debts, they assume that it will require a large monthly payment in order to get everything paid off quickly. In fact, you and your spouse will work with a debt counselor to find the loan that is right for you. There are some loans on the market that will allow you to pay off your debt very quickly at a very low interest rate. Other loans will let you stretch out payments over a longer period of time. Your debt counselor will review your budget, and help you determine which loan is best for your situation and personal financial goals.
<p data-sp-element=”content”>If your spouse has any other questions about debt consolidation, invite him or her to peruse our website. We cover just about every aspect of debt consolidation.