How Debt Counselling Can Save Your Marriage
For many years, we have been hearing that financial problems can often lead to marital woes. But, is this really accurate?
Recent statistics show that divorce is on the rise in South Africa. There are a host of reasons for this trend, such as adultery, excessive alcohol use, communication gap between couples, and more. Another major factor contributing to the end of marriages is financial issues.
Marriage and money go hand and in hand. Financial responsibility, along with respect, open communication, etc., are among the main ingredients that make a happy, healthy, successful marriage.
Whether you are married or are going to tie the knot soon, it is important to understand that all couples face many financial challenges at several stages of their marriage. However, what matters is how you tackle these obstacles.
The impact of debt on married couples
Excessive debt can have life-changing repercussions on married couples and their families:
- From the financial perspective, debt can restrict a couple from spending money on their needs. Things can get very complicated if they have joint accounts. This is because your spouse’s finances will affect your financial accounts and credit.
- High debt can reduce your credit score. With a low poor credit score, you will find it extremely difficult to secure a loan with favourable interest rates. Not only this, banks and creditors may deny your loan request.
- Dealing with large debts can be overwhelming for a couple. It can take a toll on their relationship and happiness. When married couples spend most of their time worrying about repaying debts, they have less time to spend with each other and their children. Excessive debt can cause several psychological and emotional problems, such as anxiety and depression, and affect well-being of children.
How to make it through high debt
If you and your spouse are embroiled in a debt crisis, these tips will help you:
Communicate is key
Avoiding the problem will not make it go away. Discuss your financial issues on a regular basis with partner. It is a generally a good idea to have a specified time each week to discuss your family’s finances.
Review your individual credit report
Once you and your spouse receive your credit reports, review them. A credit report provides a history of credit information. It will help you understand how much debt you currently owe to lenders, your missed or late debt payments, and more. Reviewing credit report is the first step for financial recovery.
Prioritize your debts
After figuring out how much debt you and your spouse owe, create a repayment plan. First off, make a monthly budget plan and stick to it. Budget is important for keeping track of your monthly expenses on food, clothing, rent and bills. In addition, cut down on unnecessary expenses so that you have enough money to repay your debts.
In order to prioritize your debts more effectively, hire the services of a debt counselling company, such as Credit Matters. As one of the leading debt counselling and management companies in South Africa, our team will create a realistic repayment plan for you and your family.
Contact us now to minimise your financial burden and live a debt-free life.