Finance Experts Advise Engaged Couples To Come Clean About Debt
The wedding season is coming up—meaning brides and grooms-to-be are busy tasting wedding cakes, refining guest lists, and booking photographers. But there’s something else they should add to their to-do list, financial advisors warn.
Money talks, but many couples don’t
A sit-down to talk about money is vital to the health and happiness of any couple’s future, according to Joe Sicchitano, head of Wealth Planning and Advice Delivery at SunTrust. He cites a Harris Poll that found that less than half of married couples knew the truth about each other’s income and debt levels before tying the knot, saying “The gap between those who believe it is an important discussion and those who actually have the discussion is sizeable, and can negatively impact their financial confidence.” While 88 percent of those surveyed said it was important to talk about finances before getting hitched, only 51 percent actually had a discussion about how they would handle money matters as a married couple.
Why the discrepancy? “Some [couples] may be hesitant to reveal poor past decisions or may be concerned that financial details could change the landscape of the relationship.” While this is understandable, it’s not a reason to avoid the conversation, says Sicchitano. “Whatever the root cause, avoiding the conversation doesn’t change reality. Regardless of the past, couples need to discuss the financial reality of the present in order to plan successfully for the future.”
No problem too big to solve
If one or both parties have debt, poor credit, or other history they are concerned about, coming clean can only be good for the relationship. There are things that can be done to improve any financial situation, including applying for a balance transfer credit card with a zero-percent interest rate, getting a secured card to establish or repair damaged credit, and starting a savings account to put away funds for a mortgage or other large purchase. There are credit cards available for people with bad credit, no credit, or limited credit, as well as ways to improve credit history and pay down debt.
SunTrust experts advise couples to document their assets and liabilities, openly discuss financial goals and challenges, and make these conversations a regular part of their routine going forward. That way, the lines of communication stay open and problems can be headed off before they become overwhelming.
Latest No / Limited Credit Card News
So far, no one can say for sure when the coronavirus pandemic will end. To assess the current financial situation of Americans, CreditCards.com has recently conducted two surveys of credit card debt during the COVID-19 outbreak. The surveys were conducted in March and April with over 2,000 U.S. adult respondents. Here are the key findings: […]
A recent CreditCards.com poll showed that 6 million or 8% of parents in the U.S. have at least one child using a credit card. Of course, children can’t apply for their own credit card until they turn at least 18, but most issuers allow to add them to their parents’ card accounts as authorized users.
Webbank, a state-chartered industrial bank headquartered in Salt Lake City, Utah, has just introduced the enhanced cash back for its Petal® 2
Cash Back, No Fees Visa® Credit Card. Starting December 19, all Petal cardholders who use the Petal mobile app can notice new special offers. These deals are supposed to give cardmembers access to up to 10% cash back with eligible merchants […]
They say knowledge is power. And in the case of credit scores, it seems to be true.
A recent survey by the Consumer Federation of America (CFA) and VantageScore Solutions, LLC, found that people who had recently gained access to their credit score knew more about how credit scores are calculated than those who are unaware of their scores.
New reward options for Chase card users may get them to download and use a mobile wallet app, even if they’ve been reluctant to do so before. Chase Freedom is offering 5% cash back on up to $1500 in purchases over the first quarter of 2018, when they make purchases with Chase Pay, Apple Pay, Android Pay, or Samsung Pay.