STARTING A BUSINESS NOW

Marriage is a time for optimism and happily ever after. Who wants to think about money, debt and the problems that can sneak up on you after marriage? Unfortunately, many couples put the thought of such things off until after the marriage is performed.

Many couples do not even know their intended’s financial standing until it is too late. This head in the sand attitude has led many newlywed couples down the path to financial ruin. Some marriages even end in divorce solely because of financial problems.

Engagement calls for full disclosure of financial matters. After all, debt solutions cannot be implemented unless everything is out on the table. Remember, your fiancé’s debt problems will become yours once you say, “I do.”

Credit problems may prevent you from purchasing a home or a new car. Your opportunities will be limited by your combined credit scores.

Many couples try to get around the problem by relying on the good credit standing enjoyed by one of the parties involved. Unfortunately, this can have devastating consequences. Relying solely on one person’s credit decreases the amount of credit that one can obtain.

For example: you will only be able to qualify for half the house that you could afford as a couple with two incomes. Putting everything in one person’s name also puts the person with bad credit at a disadvantage if a breakup occurs.

Debt Solutions before Marriage

Ideally, debt solutions should be implemented and carried out before the marriage occurs. You need to sit down with your intended and go over each other’s credit reports.

Come up with real solutions to improve both of your credit scores before the marriage takes place. Following are some ideas that can help you improve your credit score in as little as six months:

* Pay down credit cards. Credit cards should only carry a balance of less than 25% of the credit limit.

* Pay off bad debt starting with the most recently defaulted account.

* Improve debt to income ratio by unloading or paying off debt. For example: Sell your car to eliminate your car payment.

* Piggyback off of someone else’s credit. Your credit score is based on length of credit. If you’re young, ask to be a cardholder on your parent’s account. You will get credit for the length of time that they’ve had the card.

Debt Solutions after Marriage

After you are married, debt solutions can still be implemented with great success. However, you will not be able to start off with the life that you dreamed of. Follow the above steps as a couple.

Joint accounts with the high credit score as the cosigner can also help build up the credit score of the other person. Be sure to pay all bills on time and avoid accepting needless credit until all financial problems are resolved.

Get my famous introductory 20 FREE lessons eCourse about Making Money that over 179,000 people have studied and applied at: www.the-richest-man-in-babylon.com.