Separate or Joint Credit Card Deals When Married?
Getting married to someone you really love, respect and cherish is wonderful. But even having plunged into the tenderest feelings you should not forget about the fact that we live in a material world, and such things as real estate, cars and money matter as well. According to the statistics, disagreements brought about by financial issues hold one of leading places to be the cause of divorces and break ups.
Experts advise to discuss all questions concerning money matters beforehand. Even if you are afraid to hurt your half's feelings, it will be better for both of you to talk all money-related subjects over - from a marriage settlement to your credit cards.
Yes, do not get surprised. Even your credit card deals. I guess, it will not take you hours to figure out the cause-and-effect relation here. Once you have chosen a person to spend the rest of your life with him or her you will have common property.
Most probably, sooner or later you will decide to get another car loan, and a home loan as well. Not talking about a great deal of household stuff and children supplies. Well, in one word you will make thousands of purchases for your family together.
And that is where arises this question "Honey, are we going to have separate or joint credit cards?" This question has no universal answer. It is up to every family individually.
Financial experts stick to the point that it is much more convenient for spouses to have separate credit cards. Let's take a closer look at the grounds they give.
So, what are the virtues and shortcomings of a joint credit card account? On the one hand, you can take advantage of your husband or wife's credit achievements. With such an account your paying capacity increases twice. Besides, with this type of account the spouse with a lower credit rating can count on getting qualified for a credit card deal with better terms than he or she could have had with a separate account.
The biggest shortcoming of a joint account is in case your half has credit card debts, you are to pay them off together and your sweetie's financial misstep will be reflected in your credit history as well.
With individual credit score everything is quite clear. You just keep building your own credit history, pay off your debts on your own, and get the credit card offers you can qualify for. But sometimes, this is more a matter of form. Separate credit accounts are no obstacle for spouses to make up their family budget and share all expenses.
Sometimes keeping their individual accounts spouses subconsciously try to save their independence at least in the financial field. But, as a rule, this phenomenon occurs in young families.
Besides, having separate credit card accounts you make a contribution into your future retirement savings.
Of course, if you have a firm attitude towards this aspect of family life, none of the most reputed experts can change your mind. But remember to share your thought on this with your future husband or wife. You will definitely reach an agreement. You love each other.
Then maybe your close people and your friends on your wedding will hear in your vows something like "...in sickness and in health, in good times and in bad. I give you my hand, my love, my heart... and my credit card. Until death do us apart."
Natalie Sperling 02:54 AM, December 05, 2007
I prefer separate accounts. This is not about confidence. This is just about prudence. It's just going to be okay with separate accounts.
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