Saturday, May 16, 2009

Credit Card Options for Newly Wedded Couples - II

In my last post I shared with you what are the pros and cons related with couples who don’t share their credit cards with each other. Now in this post I would like to share the advantages and disadvantages related with couples who share their credit cards with each other.

If a couple have faith on each other so much that they can share a joint account and credit card between them only then they should go for a joint account because if both in the couple are spendthrift then the interest which will be counted in a single count which can lead the couple into heavy debt trap. The method of sharing a single credit card and account work only for those couple who share their opinion with each other and have same mind about their financial decisions. Couples which are sharing their credit card must keep in their mind that they must avoid any credit card debt as it affects the credit rating. This credit rating can affect you financially if couple don’t pay their balance amount or not make the repayment at the right time. If a couple shares a single account then credit card bureau always keep an eye on credit report of both people. Couple should use their joint account wisely because they have to answer the creditors whether for good reasons or for bad reasons. They should always plan for clear payment because having joint credit card affects credit rating. Couple can use their joint account for household expenses or for whatever they decide with a single mind.

Most of the couple never plans for their finances before and fall into credit card debt trap. So it is better to plan for financial matter to avoid any financial crisis.

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