Debt advice for Couples

Advice for couples with debt problems

This section provides debt advice for couples, specifically on what to do if you find they can't pay off the money they owe and some of the issues surrounding debt advice for couples - debt after divorce and debt from single or lone parents.

The most common financial topics couples argue about are money, debt, credit problems and over spending. Most couples rows start because of one is earning more than the other, but with the costs of living increasing and divorce & separation being so simple we find that basic communication skills relating to joint finances are very important.

Debt is increasingly recognised as problem for couples. Money Advice Direct and debt advice team employ specialist debt advisers and money advisers. If you a couple and are having problems with money and would like to talk to please contact 0800 074 6918.

The couples with the least debt tend to be those in which the partners feel they have equal influence on the finances. If couples argue about debt it may indicate that one of them feels the other has an unfair advantage.

This may happen if a partner-:

• Contributes significantly more than to the financial running of the household
• Expects the other to account for every penny spent but is secretive about their own spending
• Uses extra earnings on things the other partner can't share in any way
• Constantly buys extravagant gifts and treats, which leave the couple in debt.

Debt trouble for couples

Debt one of the main causes of conflict in relationships. Living on the breadline is bound to cause tension and often the biggest problems aren't down to a lack of cash, but how to spend what you have.

There are lots of reasons why couples get into get into debt. It might sound obvious but poverty and low incomes are the major reasons. However well you manage your money if you've got very little coming in then it's a lot easier to get into debt. The majority of couples in debt accept that they are jointly responsible for their debts. Other couples in debt blame their partner.

Couples are particularly vulnerable to debt; unemployment and low pay is a major factor as well as tempting offers such as debt from car financing, and debt from storecards.

Debt is also a major problem for couples, where one of them is in further or higher education. They can now expect to build up debts during the time they study and repay them once they leave. According to the National Union of Students (NUS) student loans now make up one half of a student's living costs.

Obsessive gambling can quickly lead to couples to debt. Most young couples with gambling problems play fruit machines although more recently lottery scratch cards have become popular.

Common questions asked by couples in debt are the following:

• Many couples in debt ask us about their credit rating?
• Couples in debt are concerned about debt affecting their dependants?
• Often couples in debt consider bankruptcy. They are concerned about the problems this may cause.
• If couples consolidate their debt, would that be a wise move?
• Now that we have the person has died, how do we share the debt from couples and sort out the bank accounts?

For some couples debt advice is actually plays a beneficial role in the longevity of a relationship. It can also add basic budgeting skills to a relationship.

Action Plan for couples in debt

If you and your partner have the same attitude towards debt, the only thing you need to agree on is who's going to manage the income and expenditure. If your attitudes towards debt are quite different, you'll need to agree on some basic budget priorities, such as how much money you'll spend on household essentials and bills, how much on leisure and entertainment, and how much you'll save. For help with this, see our monthly budget & debt calculator.

If couples in debt find that no matter how hard you try to sort out your debt differences you still end up arguing, perhaps debt isn't the issue at all.

• Buy a cheap bottle and have an evening in
• Spend an evening dancing to your favourite songs instead of going to an expensive night club.
• Watch a movie in TV instead of going to the cinema.
• Cook a meal for two and share it bistro-style, complete with candles instead of going to an expensive restaurant.
• Check with your partner if they are all right for money before spending any spare cash.

Money Advice Direct has been advising couples in debt for over 15 years. If you a couple in debt or know of other couples in debt please call 0800 074 6918. If you find you're just slipping back into the same old pattern of arguments about debt, you might want to consider talking it through with one of our “couples in debt” team.

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