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.

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 debt consolidation?

  • Improve your monthly budget
    A debt consolidation loan will enable you to group all your existing borrowing and the monthly repayments are easier to manage.
  • Reduced overall repayments
    A debt consolidation loan could even save you money each month if the interest rate is less than the combined total interest of the previous loans.
  • Improved credit rating
    The simplicity of repaying a debt consolidation loan means that you are more likely to repay the debt on time every month. This will prove you to be a responsible borrower, which will have a positive effect on your credit score.