Marriage plus debt is not a happy combination. Money ranks high up on the list of topics couples most often fight about. For newlyweds, debt brought into the marriage can be especially troublesome because you start out with credit problems before you’re even up and running and out of the honeymoon phase. In fact, 67% of women and 74% of men enter marriage with at least some debt (Schramm & Lee, 2003). With money being the number one reason for divorce in the U.S., it pays to be honest with your future or current spouse.

Communication: This is the most important thing you can do to decrease the number of financial fights, whether you’re married or soon-to-be wed. Sit down and honestly share your financial information with your significant other, including salary, savings, what you owe, and what you own.

Keeping Secrets. Hiding debt is a bad idea. Be open about your debts and what your plan is to become debt free. Also, share your views on money and how you were raised to deal with money.

Establish your goals. Talk about how you’ll get out of debt and what you both want to do with your money. Being on the same financial page is a huge contributing factor to create harmony.

Plot your payoff. If you don’t write down and formalize your financial goals, they will never come to fruition. Figure out the maximum amount you can pay on a monthly basis and stick to it, paying on time, every time. This way, you’ll know exactly how long it will take you to become debt free. Having a goal with a light at the end of the tunnel will give you something tangible to work towards.

Be a financial housekeeper. One of you should take the lead in managing your finances to make sure bills get paid on time and checkbooks get balanced. However, if you’re not the one, don’t go to the extremes and think it’s not your responsibility. Both spouses need to be aware of your financial situation—when the bills are due, how much they are, etc… Implement an easy, straightforward system that is accessible for your spouse to take over in case of an emergency.

Debt Affects the Marriage Relationship
It is estimated that many American adults spend up to 80% of their waking hours either earning, spending, or thinking about money (Olson, 2003). It’s obvious that debt brought into marriage, or created during the marriage, causes stress on the marriage relationship because it forces the attention, time, and energy on money. By contrast, one of the unique strengths of the majority of happy couples is that they don’t have major debt problems (Olson, 2003).

Develop a Debt Elimination Plan
Debt can be addressed before or after marriage, as long as it is addressed. Consider these strategies:
1.Develop a budget.
2.Use savings to pay off high interest loans.
3.Switch to lower interest credit cards.
4.Pay more than the minimum so you end up paying less for things and pay it off more quickly.
5.Cut spending. Kick your expensive habits, impulse buying, and cut up the cards.
6.Education yourself through a non-profit credit counseling organization.
7.Consolidate your payments by committing to a reputable debt management plan.