As couples struggle with resolving differences over money management, debt remains a leading factor behind high divorce rates. Another major factor is communication. Communication issues only amplify potential relationship problems associated with money. Couples that have a fair and honest system of communication are less likely to allow their debt management differences drive them apart.
When communicating about household finances, it’s best to know each other’s strengths and weaknesses early in the relationship. Open, non-judgmental discussions will lead to a better understanding of each person’s role in the financial health of the couple. It doesn’t matter if you have separate accounts or combine your accounts jointly, it is important to openly discuss your individual financial decisions because they have an impact on the entire budget.
If communication is difficult, credit counselors—who regularly see firsthand how money problems take a toll on marriages and dating relationships—advise getting help from a licensed marriage and family therapist.
Likewise, couples facing financial challenges can benefit the help of a nonprofit consumer credit counselor from Clearpoint Credit Counseling Solutions. The free counseling session can help shed light on options for dealing with debt and building savings.