Credit reporting agency TransUnion has released a study showing 44.8% of Americans have no idea what is going on in the spouse’s credit report. Furthermore, 24.8% do not discuss personal finances with their spouse and 7.8% think finance issues should only be discussed after marriage. These statistics are startling given the time it can take to get out of debt and repair a credit score.
TransUnion vice president Julie Springer admits that discussions about finance can be scary or awkward. However, she stresses these conversations are extremely important to avoid relationship problems caused by financial difficulties. This is especially important after marriage when the couple will almost certainly become financially entangled. TransUnion recommends couples should exchange credit reports and review each other’s debts. Then, they should discuss a plan for paying off those debts and becoming debt free to contribute more money to savings. Couples with significant debt should contact a qualified debt settlement attorney. A qualified debt settlement can help a couple navigate the laws that apply to them to settle their debts the best way possible.
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