“I do,” the words two people who are madly in love can’t wait to hear from one another. But should those words be spoken before “I owe”? Experts say that you should get to know each other's financial health, and nothing says it better than your credit report.
A credit report reflects how a person manages money. If your potential spouse’s credit report is a lot different than yours, it probably means you have a lot of financial compatibility issues.
Here are the most important financial questions you need to ask your betrothed that can help make your future life together a successful one:
- How many credit cards do you have?
- What are the balances and interest rates on each of those cards?
- Do you pay your bills ahead of time, on the due date or late?
- Are there dings on your credit history that might affect our ability to reach our financial goals?
- Can I see your credit report?
- Do you have any regular "guilty pleasures" (like buying expensive designer purses, gambling or Xbox games) that I need to know about?
- What are our financial goals (salary and saving expectations, retirement plans, future education, etc.)
- Do you have any assets (real estate, investments, retirement funds, savings accounts)?
- Do you want children? If so, what are our financial plans for supporting them?
- Do you owe any debt from a previous marriage? Are there any financial obligations that still need to be fulfilled to your ex-spouse?
These are essential questions to laying a financial foundation before it’s too late. You don’t want finances to be the reason for frustration, aggravation, problems and potentially the end of your marriage in the future. I’m sure we can all agree that money shouldn’t be a deciding factor for the direction of your love life, but avoiding this topic gives money that power.
If your spouse doesn't want to chat with you about finances, consider this a red flag. If you learn that there is a large amount of credit card debt, extremely high interest rates on those cards or too many credit cards, then you may want to consult with a financial adviser or a credit counselor. If you learn that there are children from a previous marriage who will need college financing or that your spouse has never thought about saving for retirement, you may want a financial adviser to create a savings plan.
Whether you have unsecured credit cards, medical bills, personal loans or collection accounts, there’s help for you. The National Debt Relief Group offers a free consultation. You can fill out our Short Application and one of our debt specialists will contact you within minutes, or you can call now – (888) 703-4948.
www.nationalrelief.com