Credit Problems Won T Magically Go Away If You Ignore Them

Category: Finance, Credit.

While most marriages start off with good intentions and promises of sticking together through thick and thin, it is often those" thin" periods that run the marriage into ruin.

Each year thousands people get married and still over half the population is divorced. No one wants to consider that relationships do end, and many times the split occurs over financial arguments. Where the bad credit of one or both partners wasn t an issue before the wedding, the stress of trying to keep bills paid can take its toll. You are not held responsible for a spouse s bad credit unless you decide to take out a loan together, or unite and take on the debt together. Let s tackle marriage first. Although you should be aware that it would be harder to get credit as a couple if your spouse has bad credit.

Marriage has a lot of things that should be discussed before the day that you actually walk down the isle. For instance, even if your credit is impeccable, you should prepare yourself for joint credit cards being turned down, or a small business loan that you apply for together, being nixed. There is the kid talk, the living situation talk, the invitation and cake talk, and there should be a money/ credit talk in there somewhere. You should order copies of both of your credit reports, then sit down and have an honest conversation that outlines the when and how your partner got themselves into a jam. Being proactive about a situation never hurt any relationship, but instead has made the communication lines stronger. After having a heart to heart, try to enlist the help of a professional, and consolidate your debt.

If you or your spouse starts to be unable to see eye to eye on a situation, you will have your debt manager s number on hand to defer the argument to. You may cut down on future strains and arguments if you have an expert that can tell you the truth without trying to sugarcoat things. Then there is the divorce issue. If you do have an amicable divorce( crazier things have happened) , be prepared to hate the other with passion at least part of the time. If you have ever been divorced, you know that amicable is really a term that was created by divorce lawyers trying to make things reach a state that is impossible, increasing their bottom, therefore line. The logic behind these tips is that if you liked each other enough to get along in such a Mary Sunshine way, you wouldn t be divorced.

You should notify credit- reporting agencies whenever you marry, or become completely, legally separate free. The best thing that you can do following a divorce is to protect yourself. The agencies will record all of the pertinent information for the two people that are involved separately and it will help you to make separate transactions. As childish as it may seem, divorced parties have a bad habit of throwing away an estranged partner s mail. You should also make sure that anyone involved in billing you in any way has your current address. All of your joint accounts should be closed following a divorce, and in an ideal situation, all balances would be paid off. When it comes to divorce, nothing is valid unless it is in black- and- white.

If there is an extensive amount of debt that has been incurred during your marriage, you should talk to your lawyer about writing in a plan to rectify the situation in your divorce proceedings. Credit problems won t magically go away if you ignore them. Add to this a new marriage and the stress of trying to work out a dozen or so other things it can all quickly spiral out of control. The problems will keep growing and get worse. Marriage may or may not last, and in the event that it goes sour, you have to be sure to take care of yourself.

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