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Talking about credit card debt before marriage a good idea

While everyone knows weddings can be pricey, many couples are starting to take a longer look at their long-term finances before they tie the knot. South Carolina residents are no stranger to the long-term consequences of credit card debt and other debt sources. Many experts agree that a frank conversation about what debt is being brought to the table can help newlyweds prepare for the financial challenges ahead.

Some call it the "anti-dowry" -- being honest about the levels of debt one is bringing into a relationship can help ensure there is a comprehensive plan in place to deal with that debt. Whether it comes in the form of student loans, credit card debts or any other form, it's important to be transparent about how much is owed. Some experts suggest having "money dates" in lieu of costly "going out dates" that can serve the double boon of saving money and giving time to discuss money strategy.

Keeping bills and payments separate can also be helpful in allowing for debt. Putting the entire bill paying responsibilities on one member of a couple can also be unfair, especially at the beginning of a marriage. Ultimately, however, having a plan to deal with debt can be the most important step toward a debt-free marriage.

Credit card debt and other types of debt can be something of an albatross for a newlywed South Carolina couple. Thankfully, there are many options available for couples to consolidate, restructure and sometimes even forgive their debt via a bankruptcy filing. These options can help prepare a couple for their life together.

Source: The Buffalo News, "Before you say 'I do,' you need to have the debt talk with mate," Susan Tompor, June 16, 2013

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Reed Law Firm, P.A.
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Columbia, SC 29210

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Florence, SC 29501

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