Many newlyweds are about to start their life together. While they have the same dreams and goals as newlyweds before them, many are going to find it much more difficult to get credit to finance those goals. New credit card regulations and the reaction by issuers are likely to have a big impact on those who are just starting out and applying for credit.
This a difficult financial time where easy credit is no longer available to everyone. It is now more difficult to get loans for homes and credit cards. Your credit scores, history and even spending activities are now closely watched and you will have to prove to credit issuers that you are not a risk for defaulting on a loan. Your engagement period is a good time to start building a financial plan.
Your spouse is your "business" partner as well as your life partner. Your credit, good name, and financial future will be tied to this person. Don't assume that your spouse thinks the same way you do or shares the same beliefs about money. Their spending and saving habits may surprise you.
Have an honest discussion about money. If your partner has difficulties managing debt or spending, it will not only affect your finances, but could also affect your credit score.
Talking about money is difficult for anyone, but discussing finances before the wedding is a good way to test the relationship. If you can't have an honest discussion about finances before the wedding, then this may not be the person you want to join together with for the rest of your life. Finances are one of the biggest causes of stress in a marriage. You will be better off if you can confide in each other and create a financial plan.
Here are tips for avoiding the stresses of marriage and debt:
Bill Hardekopf is the CEO of LowCards.com, a site that simplifies the confusion of shopping for credit cards. It is a free, independent website that helps consumers easily compare credit cards in a variety of categories such as lowest rates, rewards, rebates, balance transfers and lowest introductory rates. It also gives an unbiased ranking and review for each card.
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