Debt Consolidation Loans for Married Couples

Debt Consolidation Loans for married couples: when a couple marries, they agree to the marriage for better or worse. Unfortunately, for many couples, the worse can relate to debt. When two individuals marry, their debt does not become instantly shared unless the account in debt is in both of their names. If a married couple is suffering from debt problems, a debt consolidation loan for married couples may be the answer.

Debt Consolidation Loans for Married Couples Advice

To ensure you and your partner have the best chance of financial security, you must both be open and honest about your debt. Comparing bank accounts, credit cards and store cards, for example, will help you to gain a clearer understanding of exactly how much debt you are in and where you are failing to make payments. Once you have a better understanding of your financial situation, you can plan how to handle your debt moving forward. For example, you can choose to combine your debt in one bank account or keep your accounts separate. If you choose to combine your debt, a debt consolidation loan can be taken out to accumulate your debt into one. When debt is combined, payments can be made more easily as you are not trying to appease multiple different establishments or loan companies at once.

Types of loans

A couple has multiple consolidation loan options that they may wish to consider. For example, a couple may wish to take out a debt consolidation loan in both their names, meaning they are joint co-borrowers of the loan and payments will need to be made from both individuals. Alternatively, a consolidation loan can be taken out by an individual, and the other may choose to guarantee the loan. In this case, payments will only be expected to be made from one individual. A loan adviser or counsellor can discuss the various options in more detail with a married couple.

Importance of the Debt Consolidation Loan

Debt consolidation loans are a suitable option for couples as they allow couples to combine their debt and work towards repaying them together. Having a single debt is much easier to manage than multiple debts and, therefore, makes repayments more straightforward. If you are unsure if a consolidation loan is right for you and your partner, contact the experts at Debt Consolidation Loans, who will be able to advise you on the right choice for you.

So what other things are worth knowing about debt loans for married couples?

Debt consolidation for married couples are a useful way forward

When a married couple is dealing with a number of varied credit arrangements, things can get difficult fast. Multiple credit cards, existing loans and other types of credit mean that it’s easy to fall behind, especially when some of those credit arrangements are expensive and you are paying above the odds. With debt loans married couples, you will just have the one affordable loan to focus on. This will make it far easier to plan ahead and create a budget.

Debt consolidation as a married couple allow you to Start again

This ability to restart with your finances is a good one. Without the stress of lots of small outstanding credit balances, letters from credit companies and the threat of late payment charges, you can make a fresh start. All you need to do is meet the regular monthly payment at the affordable rate that is set within the term of your debt loan for a married couple. This can take a lot of stress away from married couples who are in debt and allow them to get back on track with their finances.

Easy to apply for

These type of debt loans married couples turn to are usually relatively quick and easy to apply for. You don’t need to provide lots of complex paperwork and a debt adviser can work through the information that the lender you choose will need. Your lender will carry out a credit check on you and your partner to check that you are in line with their acceptance criteria. There are lots of ways to improve your credit score and to maximise your chances of getting this type of loan, but it’s good to know that most consolidation loan providers will offer loan products to customers with less strong credit ratings.

They are popular

Debt consolidation loans are an increasingly popular way of handling problem debt and to stop it from spiralling out of control. They allow people to feel confident with their money again and remove the stress of creditor letters. Debt consolidation loans also help many people from falling further into debt and they allow people to start budgeting and feeling responsible for their money. Even better, they are lent by businesses with specific expertise in the field and excellent customer service. This means that applicants can feel that they are being supported and given a trustworthy finance product that will meet their needs. Contact us to find out more.

We offer Debt consolidation loans, if you have serious money worries and want some impartial advice please contact the money advice service

Contact Us Today

We’d love to help you move towards a debt free future. Our friendly team will offer no-obligation advice and answer any questions you might have about a debt consolidation loan – just call us today.

Why think about Consolidating Debt?

  • Make progress by improving your monthly budgeting
    Paying just one loan repayment will help you to manage your personal budget every month.
  • Reduced the total amount you repay
    If your loan interest rate is less than the combined total interest of the previous loans, you will pay less overall.
  • A better credit score
    If you prove that you are a responsible borrower by paying off your loan in full, it will have a positive effect on your credit score.