When you are trying to cope with a heavy load of debt it can sometimes feel like you are swimming against the tide and it is hard to keep your head above water, but there are viable solutions and you just need a shot of confidence to tackle the situation.

Here is an overview of the sort of financial issues that some couples have to contend with, and a look at some strategies to tackle debt. Plus some insights on options available and why two heads can be better than one to get things sorted.

For Richer or Poorer

Those words that form part of the traditional vows have taken on a greater significance with the current generation of young couples starting out in their married life.

Many young people find themselves facing a significant debt burden by the time they add up their student loans, credit card balances and other forms of borrowing such as auto finance.

When they get married that richer or poorer scenario only seems to be heading one way, and that is in the wrong direction. If you find yourself in a similar position with your finances the way ahead is almost always going to involve talking to your spouse about the position, and then discussing a way to pull together in order to improve your outlook.



If you are planning a future together you need to operate a full disclosure policy with each other. Better to get any debt problems out in the open before you have to explain why a mortgage lender is denying you a loan because of your debts.

Get Things Under Control

If you can formulate a plan of action that maps out a way forward to deal with your debts and improve your financial situation over a period of time, this will give you the confidence to see it through when you see progress being made.

One credit card solution that is worth considering is consolidation. The idea is to clear multiple balances on a number of different cards by consolidating your debts into one balance and one monthly payment to clear the debt.

Check Your Options

It is always best to see whether a debt management plan like consolidation is appropriate to your circumstances and check all of your options before going ahead.

A good starting point would be to check your credit report to see whether there is any information held on your file that could prevent you from qualifying for a solution like this.

Also, do the math and work out whether the interest rate you are being charged and the total amount you need to repay represents an improvement on the charges you are incurring at the moment.

This is also where your spouse might be able to help to get your finances back on track as a couple, by working together and using your joint income to come up with a repayment plan that clears both of your debts and puts you in better shape to make some definite plans for the future.

If you combine your financial resources and tackle the debt burden together, this will help you feel the weight of your debt burden being lifted.