I Have Good Credit, My Spouse Doesn’t!

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For countless couples, credit problems can weigh them down psychologically like an anchor. It can be particularly stressful if one spouse has great credit and the other doesn’t. For various couples, both married and not, this is a challenge.

These credit problems can arise for any number of reasons. For many, it starts off by simply not caring about how money is handled. For others, a few dire decisions here and there accumulate to weigh the couple down. The real challenge for most couples however is not resolving the issues, but moving forward in spite of them.

Resolve Credit Issues

Couples looking to get out of credit trouble want to start off by contacting the companies they have the outstanding obligations with. To do that, they first want to get copies of their credit reports with Transunion, Equifax and Experian.

In committing to the effort, couples want to try to negotiate a workout plan that sets a time frame to resolve any outstanding issues.  In designing the plan they also want it to work for all parties involved. This can be challenging in many cases because some debt collectors may be abusive or nasty. Through it all, couples want to focus on moving forward positively.

Commitment to Resolving Credit Issues

The second step of moving forward positively hinges on the need to make a true and absolute commitment to resolving credit issues. Without this commitment there could be future trouble with not only the creditor but the spouse as well.

If a plan is in place after much struggle and pain and then somehow is ignored or not followed, the spouse may get the feeling that their soul mate may not be their soul mate. They may be their ship mate who’s always dropping an anchor that drags down the relationship.

If something like this occurs then couples may need the involvement of not only a credit counselor but a relationship counselor who can evaluate any potential psychological or behavioral characteristics and help resolve deeper seeded issues.

The challenge however is the cost of any type of counseling. It may be worth it though because if it can reverse the trend of running up debt levels then the money will be well spent. If that’s the case, the problem may ultimately not come back in the future.

Credit problems do not have to spell the end of a relationship. Talking about the problems and committing to resolving them can be very stressful and unnerving. Couples may even argue and fight with each other in the process. However, if both spouses make that true commitment to avoiding credit problems in the future, a better harmony in the overall relationship will emerge.

About the Author

Kolonji MurrayTaxAssurances, LLC is an independent financial services firm that provides expert advice and solutions in three financial disciplines: Accounting, Insurance and Investment Management.

It’s Founder, Kolonji Murray, has worked as a banker, accountant and financial advisor for a number of leading firms. He holds a degree in Accounting from Hampton University and is active in a number of civic and industry organizations. Along with being an Accountant Mr. Murray is Series 7 and 66 licensed in NY. He is also life, accident and health, variable life/variable annuities insurance licensed.

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