Tag Archives: debt consolidation

DEBT MUST NOT DESTROY YOUR MARRIAGE

You ignore common sense at your own peril. Most young couples return from their honeymoon to face a Kilimanjaro-high mountain of debts. You budgeted for 150 but 372 people turned up. You now owe the caterer for the additional mouths. You only paid the deposit for the function venue. You paid half-down for the marquee/tent. The florist allowed you to have those additional arrangements for payment after the wedding. The photographer will only deliver the photos on full payment. The list goes on… The anticipated windfall from guest presents did not materialise. Many of those who attended gave all sorts of household gifts – most of them unwanted (including 41 coffee mugs!!) – instead of cash. The $2190 received as cash will only cover a small fraction of your wedding debts!! What to do? Sit down with your spouse. Tally all the debts to ascertain the extent of your indebtedness. (No need to argue now!!) Assess each of your creditors. Agree on which debts to work on first. Engage all the creditors and apprise them of your situation. Seek to buy time. Negotiate for terms. Will they accept part payments? Where you can consolidate your debts, it is advisable to …