Long-Term Challenges Of Marrying A Partner With Poor Credit And High Debt
The Long-Term Challenges Of Marrying A Partner With Poor Credit And High Debt
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When you finally find the person with whom you are ready to spend the rest of your life, the last thing you probably want to think about is their credit history and debt-to-income ratio. However, the truth of the matter is that your future partner’s financial profile can impact your life in some pretty dramatic ways — especially when they’re drowning in debt and have a poor credit history.
“Marrying a spouse with poor credit and a large debt comes with responsibility,” relationship coach Casandra Henriquez told MadameNoire. “I recommend Financial Peace University to all my clients before they get married. Your money mindset will affect the day to day flow of your relationship. Uncovering how you feel about money, your relationship with money, and what makes you feel secure and verbalizing it to your spouse– it will assist in avoiding many fights once you get married.”
Here are some potential challenges of marrying a spouse with poor credit and sizable debt.
Buying a home
One of the more obvious challenges to marrying a spouse with poor credit is that it will present challenges when purchasing a home.
“Applying for credit jointly may be problematic unless the debt-free partner has substantial income,” Morris Armstrong, Founder & Owner at Morris Armstrong EA LLC, told MadameNoire. “I have seen that in the past, where a mortgage application gets rejected because one spouse has a lot of debt and poor credit, and the other spouse does not have the resources to stand on their own.”
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Renting a home
Of course, homeownership is not the only obstacle. Renting an apartment can also present its share of challenges when a partner has poor credit. The majority of landlords will want to run background checks and credit checks on both parties as a part of the application process and some will be turned off by an abundance of negative items, which will make you appear to be risky tenants.
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Purchasing a car
Unless you have a lump sum of cash available, you’ll likely need to apply for an auto loan when you are in the market for a new vehicle. This will also require an inquiry into the credit history of you or your partner, which will likely mean fewer options if you need to include your partner on the loan application.
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Higher interest rates
When your partner has a poor credit history, it doesn’t always mean that lenders will deny their loans, but it can mean that you will likely end up paying more in interest in comparison to a person who has better credit. Many lenders will impose higher interest rates on borrowers with lower credit scores, which means you end up paying more for the loan.
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More drama with utility companies
Depending on the severity of a partner’s credit standing, it can also present additional steps and challenges if you need to put any of your family’s utility bills in their name. For example, many companies will ask certain customers to put down a deposit before opening an account as a form of insurance in the event that the customer doesn’t keep up with the bill. Further, they may ask that you have an outside party sign a letter of guarantee, which basically states that the person will take responsibility for the bill should either of you default.
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Fewer employment options
While not totally common, having a partner with a poor credit history can mean fewer employment options for them, which can result in a lower household income for your family. Some employers in the financial sector will also run a credit report in addition to a background check on potential hires as a way of determining the trustworthiness of prospective employees. This is particularly true for jobs that require the handling of money.
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Less saving for the future
Being in debt is expensive. Once interest is added, you can end up paying significantly more than the amount borrowed. This means there is less capital available to save for your future as a family. Further, a partner who is in debt may be in that position due to poor spending habits, which also means less money saved.
“A lot of debt and poor credit can be an indication of poor spending control,” adds Armstrong. “Some people need to buy things as a substitute for self-esteem. Keds are just as functional as Jordan’s but have less status. This situation can lead to marital disagreements.”
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Marital tension
Debt has to be repaid and even if it was acquired before you got married, it will still affect your bottom line in the long run.
“While this is going on, how does the non-debtor feel about this? Effectively they may be 100 percent supporting the household while the other tries to clean up, explained Armstrong. “I had a situation where a couple was married for three years, the high-debt person paid off all of the debt and then said adios to the partner.”
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Increased stress
Studies have shown that debt adds to stress and long-term stress can lead to an array of health complications including but not limited to hypertension, heart disease, depression, anxiety, and gastrointestinal complications. While your partner’s debt won’t disappear overnight, it’s important to devise a plan for how it will be managed once you’re married.
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Limitations when children reach college
The cost of a college education is steadily rising and having a partner who is waist-deep in debt can significantly hinder the college options available to your future children if you intend to use student loans as your primary source of funding. Again, having a plan for tackling debt and saving for your future and your children’s’ will be key.
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