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Instead of paying off multiple credit card balances each month, you would repay this one loan. The interest rates on most debt consolidation loans are usually.
Furthermore, if you've married someone with bad credit, paying off their debt could improve their credit by reducing their debttoincome ratio.
Make a list of all debts (big or small). Credit card balances, student loans, car loans—whatever it is, write it all down. Be honest with each other and you'll.
Slow savings. If you help your new spouse pay down their debt, that means you'll be allocating money to their debt and taking it away from.
People may say paying off someone else's debt is enabling them — but by paying down his loans, I was building our net worth as a couple. If the question “Am I responsible for my husband's debts if we divorce” haunts you, you might want to sock money away in retirement plans.
