Credit Card Questions for your Future Spouse |
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by: Janna Weiss
If you’re thinking of spending the rest of your life with someone special, don’t forget that money fights are one of the leading causes of marital disharmony. A little money talk now could prevent lots of disagreements down the road. Here are five credit card questions to ask your loved one before you walk down the aisle:
How do you use your credit cards?
By asking about the types of credit card purchases your future spouse makes, you can get an idea of their credit card philosophy. Some reserve the cards for emergencies or special occasions. Others charge their daily purchases. Either way is fine, as long as you can come to an agreement and the payments are made responsibly.
How many credit cards do you have?
Three or four credit cards can be good for your credit score. The more available credit you can draw on, the higher your score will be. But if your loved one has dozens of credit cards from department stores, discounters, and gas stations, their plastic collection should raise a warning flag. That’s a lot of potential debt waiting to happen, and you might be in a relationship with a chronic spender.
Have you ever maxed them out?
Maxing out credit cards is never a good idea. If you find that your honey has used all of their available credit, don’t be afraid to ask why. It’s one thing to charge a needed medical procedure or emergency home or car repairs. It’s quite another thing to fill up your credit cards with frivolous things you don’t really need. Remember, maxing out credit cards will sink your loved one’s credit score – and yours as well, if you share the maxed-out account with them.
Do you carry a balance from month to month?
Once you get behind on credit card payments, you subject yourself to high interest rates and stiff financing fees. If you don’t want to pay more for your purchases than their actual asking price, make sure your future spouse agrees that paying off the monthly balance is a good thing.
Are your credit card accounts in good standing?
Finally, ask your loved one if they’ve ever defaulted on a credit card account. Unpaid debts will prevent them from getting financing for future purchases, like cars and a house. A series of defaulted debts can be the sign of an irresponsible spender.
If your future spouse doesn’t share your views on credit cards, you don’t have to dump them. Simply keep your accounts separate until you see eye to eye.
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