Business

How to get out of a couple debt

56.2% of couples have argued for money, while for 43.8% this issue has not been a cause of conflict.

4 min read

The opinions expressed by employees are personal.

How to get out of a couple debt
How to get out of a couple debt

66.6% of Mexican couples have bought something on credit, while 33.4% have not promised to take out a loan with their partner, according to a survey conducted by the financial services platform Coru.com and the study company Brad Engagment market in February 2020.

On the other hand, in their relationship, 56.2% of couples have argued for money , while for 43.8% this issue has not been a cause of conflict, according to the same study.

“Debts can become a conflict between couples, especially when we fail to get out of them. Many people keep them hidden from their life partners for fear of generating problems among them, which only causes major complications to get out of all the financial problems we have, ”says Luis Madrigal, director of Coru.com

If you and your partner face debts, the financial services platform Coru.com presents the following recommendations to begin improving your economic situation:

  1. Communicate the debts to your partner: being honest about the economic situation with the person with whom you share your life is the first step to achieve an action plan with which they can get out of the debts they have.
  2. Order debts: from the smallest to the largest, add everything to know the total amount. You can also sort them by priority.
  3. Pay as much as you can: try to pay a little more than the minimum and keep the largest bills up to date.
  4. Distribute responsibilities: review the possibilities of each one and establish the amount that each person can cover to pay the debts little by little.
  5. Analyze past mistakes: review what they failed to avoid falling into the same mistakes.
  6. Generate a financial plan: make budgets, keep track of your expenses and income to be sure of your personal finances.
  7. Educate yourself together: it never hurts to take a course on personal finance as a couple. This will help them know how to plan their economy and avoid falling back into the dreaded debts.
  8. Plan your future: it is important that you talk about your plans for the future. A wedding? Children? Buy a house? All this must be taken into account so that they know what measures to take to achieve it.
  9. Save: once you have managed to settle a debt it is time to save and create the habit. There are many ways to do it, find the one that is most facilitated and make the effort to follow it to the letter. In case of emergencies this mattress of money will help them a lot.

The first step for them to get out of this is to know exactly how much they owe and to whom, as well as if they only owe on one or several credit cards. Also calculate how much your debt grows each month with interest charges. You can calculate this amount by reviewing the interest they are charged. This information comes in your statement.

  • Concentrate your debts. If they owe on more than one credit card, then it is convenient that they put all their debts into one. It will be easier to attack the problem if they are all together. Approach your bank to review your situation and let them know if you can consolidate all your debts in a single plastic.
  • In case you are not candidates to consolidate all your debts in one card , focus on giving priority to that card on which you owe less, in this way, you can remove that one from your list.
  • Do not pay the minimums. Unless it's your last option, avoid paying only your card minimums. This is very important because the smaller the payments they make, the longer they will take to settle the debt.

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