4 ways to talk to your partner about debts

It’s no secret that financial problems – including debt – can put a significant strain on marriages and other relationships. A 2018 Harris Poll of 1,400 American adults found that money is the leading cause of stress for marriages (according to 36% of respondents). Younger adults were almost twice as likely as older adults (over 55) to identify money as their main stressor.

The problem deepens when one partner hides financial problems from the other. As Experian noted on its blog, a post-wedding discussion about finances is important – especially for those who have been secretly struggling with high credit card debt.
“Whether you entered the marriage with debt or you quietly accrued it after marriage, it’s extremely important to talk to your spouse as soon as possible because it affects both your life and your finances,” according to Experian.

The challenge is to address debt issues from the beginning. A good first step is to seek advice from debt specialists such as National Debt Relief, a debt settlement and counseling company that also specializes in marital debt relief.

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Do you want to talk to your partner about debt? This is the most overlooked tool for becoming debt free.

Marital debt refers to expenses incurred during the marriage, such as credit cards, mortgages, car loans, and medical bills. National Debt Relief helps couples adopt a debt repayment strategy and learn to compromise on their finances.

If you need help starting the conversation, here are four ways to talk about debt with your partner.

1. Start early

It’s time to start talking about money as soon as you and your partner commit to a serious, long-term relationship. As National Debt Relief notes on its website, if you want to start off on the right foot, it’s important to discuss finances before you get married. Take some time to explain to each other how you envision managing money as a young couple. To avoid arguments, propose financial compromises that will be satisfactory for both parties.

Open and honest communication is key.

2. Be responsible

Keeping secrets can spell doom for a relationship. There’s even a name for hiding debts and other financial information from your partner: financial infidelity. No matter when you accrue debt – before you moved in together or after you got married – you need to acknowledge it as soon as possible so that you and your partner can develop a plan to deal with it.

3. Make a plan

Strategies for dealing with debt vary depending on the type and amount of debt, as well as your overall financial situation. Potential solutions may be simple, such as creating a budget together, or you may need expert help from a company like National Debt Relief that specializes in debt settlement and consolidation.

By using this strategy, you can pay off your debt for much less than you owe.

Here’s how it works: First, tell a certified debt specialist at National Debt Relief a little about your situation during your free, no-obligation consultation. Then, if you meet the criteria and are interested in their program, they will create a customized plan that works for you and your budget.

When you settle your debt, National Debt Relief experts will negotiate directly with lenders on your behalf to agree a reduced balance, so you can pay less than what you owe and get out of debt much faster.

With debt consolidation, all your debt will be combined into one new loan, preferably with a lower interest rate. This will help you pay off your balance faster and save on interest payments in the long run.

National Debt Relief experts will help you weigh the pros and cons of all options and can help with the following types of debt:

• Credit cards

• Personal loans

• Lines of credit

• Medical bills

• Collections

• Acquisitions

• Business debts

• Some student debt

4. Create a budget

This is one of the most effective ways to talk about debt. Not only does it provide a built-in way to have a difficult conversation, but it also gives you a clear picture of how much money is coming in, how much is going out, and how much you can allocate to paying down debt control.

There are many options available to help you get started, including spreadsheets and budgeting apps. Budgets allow you to assess your financial health, reduce stress, set and achieve financial goals (including debt repayment), prepare for the future and improve your relationship.

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This article originally appeared on GOBankingRates.com: 4 Ways to Talk to Your Partner About Debt