For couples a little further along in life it can be especially challenging to combine the resources and many times there are even separate checking accounts. This requires open and honest communication and strategy going forward. It is true that each individual has their own credit score and your debts don’t impact your spouses score, but that doesn’t mean household debt doesn’t create other distractions and issues. How much you spend on cars, vacations and leisure are common battle grounds when assets, income and attitudes aren’t fully understood.
Joseph “Big Joe” Clark, whose column is published Saturdays, is a certified financial planner. He can be reached at email@example.com or 640-1524.