How to Discuss Debt Before Marriage

If you thought the "sex talk" with your parents was awkward, you must be really be squirming at the thought of discussing debt with the person you are about to marry. As difficult as this may sound, it must be done. The two of you have to sit down and discuss how much each owes. This is imperative to the financial health of your future and your relationship.

Instructions

1

Honestly talk about your individual credit scores. Remember that there are three credit reporting agencies. These different agencies have different information and give you your credit scores based on that information. It is possible to have three different credit scores, one for each agency. Have copies from each of the credit reporting agencies for both of you. Be sure that you understand what those credit scores mean to you as individuals and as a couple.

2

Candidly discuss your credit card debt. Have copies of all your credit card statements and the contracts from each of the issuing credit card companies. Add up all of your credit card debt to see how you each of you owe individually. Add up your individual debt to see how much you owe as a couple. Know and understand all of the interests rates, fees and penalties associated with each credit card. Both of you need to explain how you use your credit cards and how you pay off your credit card debt.

3

Frankly talk about all of your other debt. Remember all of your car payments, mortgages and students loans--any debt that you have. Even if you are not required to make payments on those student loans, still talk about the payments that you will eventually have to make. Add it all up so you will know how much you both owe, individually and as a couple.

4

Openly address how you plan to pay off all your debt. Formulate a workable plan, to pay off that debt. Consider your incomes, taxes and monthly expenses as you make your plan to get out of debt. Remember to include the amount of money you plan to put into savings as well as all charitable donations you want to make. This is not a time for big plans and even bigger dreams. Your plan to pay off your debt has to be as realistic as possible.