Debts We Bring to the Table
Managing our own debt can be a stressful process. When getting married, one spouse may have more debt than the other, or you both may have debt from credit cards, student loans, etc. The process of laying all your cards on the table to each other can be a very difficult and often a very vulnerable prospect for many. Yet a very important process when it comes to dealing with your debts.
The first step to tackle debt is to create a plan. Based on your budget, decide how much money you have available to pay down your debts each month. For things like student loans, pick the most feasible repayment option. When it comes to credit card debts there are many options available to you that we can explore.
It’s important to be upfront when managing debt and to have a safe space to discuss solutions. The most important thing to know is you are not alone. Often finances are labeled as taboo topics to discuss openly among friends, colleagues, and even sometimes families. This is unfortunate as finances can lead to such undue stress on relationships that can often be avoided with a few honest conversations.
Money Management Counselors work both individually and as a couple or even as a family when it comes to understanding the financial concerns and working through your long term goals on the resolution.