When planning your wedding, spend at least as much time dealing with your debt and finances as you do thinking about décor and food. Debt restructuring before you say “I do” will make life after the wedding much easier.
The run-up to a wedding can be stressful with lots of decisions to be made and lots of money to be spent on creating the perfect day. It is easy to fall into the trap of thinking – and saying – that we will deal with non-wedding issues once the big day is behind us and our life together begins.
This is not a good idea, especially not as far as your finances are concerned. Money remains one of the biggest sources of conflict in marriages, and one of the major reasons why couples get divorced.
The best time to talk about money, especially debt, is long before the wedding. Chances are that the two of you will have to pay at least a portion of the wedding expenses, and you have to agree on how that will work. More importantly, however, you need to understand each other’s financial position. For instance, if one of you has a lot of debt, that burden will become part of your marriage. If both of you are struggling with debt, the problem might become even bigger when you reinforce each other’s bad money habits.
Let us look at some practical steps you can take to avoid starting your marriage off on the wrong foot by bringing financial baggage into it.
In a relationship and a marriage, your money is never yours alone. One person’s financial decisions almost always have an impact on the other person, especially when you have children or other dependants to look after. Therefore, it is important to start off on a clean financial slate.
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