How to cope with debt
How to cope with debt for many couples, money is a subject that often leads to tension and arguments, even at the best of times.
If you or your partner is struggling financially, it can be a source of much worry for both of you, especially if you have a mortgage to pay and family to provide for.
Due to changes in the economy as a result of COVID-19, many couples are currently having to re-assess their finances. With job losses and furlough all coming into play, many people’s incomes and employment situations have been affected. And, in order to cope, many individuals and businesses have also had to take out loans.
If you are currently dealing with debt as a couple, consider the below:
It’s good to talk
Sometimes we assume that keeping things hidden from our partner is a good way to minimise unnecessary stress for both parties. It may be tempting to try to deal with debt on your own and keep your other half in the dark, but in the long run, honesty is always the best policy.
Make decisions as a couple
As a married or cohabiting couple, there are many decisions you will need to make throughout your relationship. Try to arrange a dedicated time each week to sit down and go through things. If you are unable to discuss things in a productive way or make necessary decisions that you both agree on, it can be helpful to seek advice.
Speak to a credit counsellor or financial advisor
Marriage counselling is a common route to take when experiencing problems in a marriage; however, if your issues are mainly focused around money and debt, it might also be helpful to speak with a credit counsellor. They will help you to review your joint income and debts, and they can advise you on the best steps to take. It is often helpful to get an outsider’s point of view when dealing with financial issues as a couple, as emotions and disputes can get in the way of seeing things clearly.
Debt consolidation for married couples
If you have individual debts to pay off from credit cards, old store cards, or student loans etc, consider debt consolidation for couples. It can be helpful to move all debts into one loan. This not only offers you a lower interest rate which can help to get rid of debt faster, but it will also make your finances as a couple and any joint bank accounts easier to track and manage.