Debt Management Solution - Couples and Cash

When you are young and in love, money may seem unimportant, but be warned, if love brings couples together, money often pries them apart.

Key solutions to Debt Management

Overspending

Spending more than you earn and the subsequent debts can cause huge anxiety and stress and this can spill out into your relationship. If one person is bringing in the majority of the income for example and the other partner is doing all the spending, that can cause resentment and anger.

Talk

Not communicating your feelings about your finances can lead to a break down in your relationship.

Face your emotions

Recognise that there are bad feelings around money. Financial difficulties, without an adequate debt management solution, create anxiety. It can lead to depression and even in some extreme cases suicidal feelings.

Break the taboo

When a relationship starts out it seems crude to bring up money and how you are going to combine your incomes and finances. Discussing things like salaries, savings and debt can be a prickly topic. If you are trying to find a debt management solution or plan for your future together, you need to be honest.

Get professional advice

Couples need help not just in finding a suitable debt management solution, but to help plan their future - things such as retirement funds, trust funds, if you are starting a family, or putting money aside for your children's education all demand a financial strategy.

Get real

Many couples don't want to admit that they are bad with money. Face up to the reality of your bank accounts. Research has shown that money often features in the top three topics married couples argue over. Facing up to the fact that you need debt management solutions is better than putting your head in the sand.

Work together

Tackling your financial troubles together and finding a debt management solution with the help of a financial adviser can help bring a relationship closer to financial, and emotional, harmony.

Rocky terrain for couples :

You should be doubly aware of seeking financial advice if:

• You are on your second marriages or marrying later in life. People have more financial baggage, including assets and debt. Finding a solution to money management can be a bit more complicated.
• You are in a dual-income family. The more things we want to purchase, the more we have to work harder in order to spend. Over-work is rarely a solution to debt management; it creates pressure and anxiety and adds to the tensions between work and family life.

To find the most suitable debt management solution for you, visit MRA Debt Help at www.mradebthelp.co.uk, or call 0800 612 92 23.

For independent financial advice, visit our sister company, Mike Robertson Associates, at www.mraltd.com. You can email an independent financial adviser for professional help, or call 0870 803 1995.