Stellar Snippets
When it comes to handling debt and credit card accounts after marriage, there are a few things to keep in mind.
If you and your partner take out debt together, either before or after marriage, you'll be equally responsible to repay it.
This includes lines of credit, credit cards, or any other accounts that you both jointly owned or cosigned.
Keep old credit cards open despite new financial arrangements. Closing accounts can negatively affect your score.
It's also smart to maintain a financial identity independent of your spouse's if you need to access credit on your own.
Combining bank accounts and credit cards can make budgeting easier. You'll be organized when money is in one place.
Joint credit cards are part of the same account, and both spouses are responsible for the debt incurred.
If you or your partner is in debt, combine all debts into one and apply for a personal loan, as debt consolidation.
As a married couple, it's important to team up on handling debt and be strategic about approaching what you owe.