Credit Card Debt Management

There is little that is more stressful in life than money troubles. This could be brought about by health issues. It could be brought about by student loan debt. Whatever the cause for financial worry, it can be so stressful that the quickest temporary fix of borrowing more money just to survive often seems like the best option. Ironically, this only contributes more to the root problem that is keeping people awake at night, affecting their appetites, dispositions and, according to a new study, their marriages.

A Utah State University study published in the June 2005 issue of Journal of Extension showed that 70 percent of the 1,010 couples surveyed said they brought debt into the marriages. Of the couples surveyed, 35 percent said they brought debt totalling more than $5,000 into the marriage.

The leading debt causes were autos and credit cards at 55 percent and 48 percent, respectively. The study credited money as the most frequent cause of marital fights, and showed a statistical correlation between marital satisfaction and level of debt. Higher debt equaled lower marital harmony and contentedness. The study showed that there was marital discontent even with minor amounts of debt, like $1,000.

All this to say that entering a marriage debt-free is a good idea, though it may be a pipe dream for many. If this is true for you, don’t sweat it. You’re far from alone in this debt-driven society. Staying in communication and tackling the debt together as a team is critical. In the future, we will discuss specific techniques for team-oriented financial management and keeping financial debt from driving a wedge in your relationship.