For richer, for poorer. Til Debt Do We Part.

What I’m about to say shouldn’t come as a surprise to you. Debt issues can ruin a marriage. For whatever reason, couples don’t like to talk about their debts. It’s not a comfortable topic, especially if a spouse has been hiding debt from the other. The following article hits on this topic with a story of a wife sharing her dirty little secret credit card purchases with her husband. Much to her surprise, her husband was hiding his own financial infidelity. But what I love the most about this article, is that the wife felt a sense of relief after disclosing her secret credit card life.

First Person: Debt Confessions Saved My Marital Finances–finance.html

The article discusses some tips to get this discussion started in your own relationship. The overall theme I get from this article is to have a plan when it comes to dealing with your credit card debt. The plan should include disclosing your debts, discussing them freely, sharing financial duties and confiding in a close relative or friend for some honest financial planning. In my debt settlement practice I have come across a number of people facing marital issues due to out-of-control credit card debt. In many instances, the couple is not even sure exactly how much credit card debt they have. It is common that I witness people opening credit card bills for the first time right in front of me. Consumers are scared to know how much they really owe. But having knowledge of the situation and developing a plan is key to financial freedom without debt. If you feel that you are committing financial infidelity, I would encourage you to come clean with your spouse. It’s not easy to do, but the sense of relief after will far outweigh what you are currently facing. And together, with the helpful tips from this article, I hope you can find your way towards a debt free life.