A debt consolidation loan means that you can bring together your debts into one monthly payment to one lender – and if you are married, you can do this as a couple. Joint debt consolidation loans mean that married couples can pool their debt and repayments with one single monthly payment, one interest rate and one lender.

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 or joint loans 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 with options of loans for couples. 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.  Debt consolidation married couples loan can be the ultimate solution for all your debt repayments. 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 or joint loans for married couples, 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 counselor can discuss the various options in more detail with a married couple. Make sure you and your spouse understand the terms and conditions before you apply for debt consolidation Married Couples loan.

Importance of Debt Consolidation Loans for Married Couples

Debt consolidation loans are a suitable option for couples as they allow couples to combine their debt and work towards repaying them together. It’s a perfect option where they can pay their various debts with joint loans for couples. 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 is a useful way forwardJoint debt consolidation loans married couple

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. Thus, downsizing the hassle of paying for various debts, you’ll be paying up for just one debt consolidated loans for couples. Take a successful step toward dealing with your debts with joint loans for married couples.

Debt consolidation as a married couple allows 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 with debt consolidation married couples loan. 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.

Getting married with debt

If you marry someone with debt or you have debt yourself and you are worried about your new husband or wife taking on this debt, rest assured that debt won’t be shared just by getting married. Debt in their name has to be repaid by them. However, if you are looking for a joint solution to getting rid of bad debt, you may want to consider taking out a joint consolidation loan which brings together all your debt in one simple monthly payment with one lender.  

Do married couples share debt?

Married couples share the joint debt. This is debt that you have taken out jointly. This could be a credit card or an overdraft on an account. However, if you marry someone with debt, it does not become your debt and vice versa. If debt exists only in either name, only the name attached to the debt is liable for repayment.

What happens if I marry someone with debt?

When you marry someone with debt, it does not automatically become your bad debt. The debt exists in their name and so only they are liable for repayment. However, if you take out a joint debt or loan, you both become liable for repayment. If your spouse takes out a personal loan after marriage, you will not be liable for repayment on this loan.  

When you get married does debt combine and do you inherit debt?

When you marry, you do not automatically take on debt that is only in your spouse’s name. It is theirs alone to repay. However, if you take out a joint loan or overdraft, the responsibility for repayment is shared. You can also not inherit debt, either from your spouse or your parents. When someone passes away, leaving debts behind, their debts are settled out of their estate (money or property left by them).

Debt to income ratio for a married couple

The Debt to Income (DTI) ratio is calculated quite simply and this applies to a married couple or anyone sharing a home and a relationship together. To calculate your shared DTI, add together the total of your monthly debts and then divide them by your total gross household income.

Married in community of property and debt

When you marry, the law states that all assets, including properties, that are acquired by a husband and wife during a marriage are jointly owned. This will also include any joint debts, but not loans or debts taken out by only one spouse individually.

Why Consolidate Your Debts As A Married Couple?

As a married couple, you both had lives before you met one another, which means it’s possible that you both carried debt by the time you formed a relationship. When you pool your finances together, it can put great strain on them to have to bear the repayments of your combined debts up to that point.

This is where debt consolidation comes in – you simply take out a debt consolidation loan, pay off the combined debts you have accumulated together, and start your finances afresh! It takes all the pressure of you to keep track of your individual debts, you both now only have the one to think about.

Maximising The Potential Of Debt Consolidation

Debt consolidation loans make life so much easier, but it’s important to make sure you’re using them effectively. To do that, begin by taking stock of the debts you both have. Look at what is left to pay, how high the repayments are, and how regularly they’re taken out. This will give you some vital information.

You can determine which loans it makes the most sense for you to pay. If you have many loans between you, you might not be able to cover them all with debt consolidation. Paying off longer-term loans will help you avoid accruing expensive interest over time, so should always be a prime consideration.

Start Getting Your Finances Back On Track

It’s easier than ever to apply for a debt consolidation loan, especially when you deal with the professionals at Debt Consolidation Loans – they can help you regardless of your circumstances. As long as you’re a homeowner, you’re guaranteed to be considered, even if you’ve been refused elsewhere.

Can You Just Untie Your Financial Ties With A Partner?

If you feel that the simple solution is to untie yourself from a partner to remove the negative impact on your credit score, then you need to think again. While you should untie yourself from accounts that are joint-owned when no longer financially tied with a partner, severing ties before the debt has been paid might not resolve your current issue.

It all depends on the financial product your partner has taken out. If they had one based on your joint financial product (i.e. current account), you might be jointly liable for the debt anyway. If you move away at this point, it might still harm your credit score.

And if you want to improve your credit score, it might be wise to make payments to show you’re a responsible borrower first. After the debt has been cleared, you can always remove financial ties afterwards.

How Does A Joint Debt Consolidation Loan Work?

A debt consolidation loan is a perfect solution for those who are struggling to pay off debts owed to numerous different lenders. What we do is that we calculate the remaining debt across all lenders and then pay off all the debt simultaneously.

All you have to do then is to repay the debt to us in one monthly fee. This is a great option because it makes it more cost-effective and easier to manage. The debts that are often covered by a debt consolidation loan include large overdrafts, high-interest loans, credit cards or investments you’ve made in high-value items (i.e. sofas, kitchens, bathrooms).

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.