Families have to deal with more and more credit card debt, high interest rates, and late fees every day. This, along with the need to pay for a mortgage, utilities, and food, can put a lot of stress on even the healthiest relationships. This is especially true if you fall behind on payments and creditors start calling you, which can cause more stress and even fights about money. Did you know that money is one of the main reasons why most couples fight? It is, and if you don't want to be like everyone else, you need to get your debt under control.
If you don't pay your mortgage on time, you could lose your home. You can't miss paying this bill, so make it a top priority. Food and utilities are also necessities, so keep up with these costs and find ways to save money where you can. If you have missed one or more credit card payments, the best thing to do is call each creditor separately and ask to be put on a hardship programme. Most of the time, this means that payments and interest will be lower for a set amount of time.
If your situation is more permanent than temporary and you don't know when or if your finances will ever get back to where they were, you should think about a more permanent solution to your debt. This could mean negotiating a debt settlement with each of your creditors, who may be willing to settle for 10–20 percent of the total amount owed in some cases. This is only a choice in the worst cases, when payments haven't been made for a long time. At this point, the creditor may tell you that paying off a debt will hurt your credit, but if you have missed or will miss too many payments, your credit is already hurt. You can talk to the creditor about settling your debt on your own, or sometimes the creditor will reach out to you with a written offer. If you aren't sure how to handle the process, you can hire a lawyer to help.
Sometimes you may not have enough money for the mortgage payment. This is especially true if you are trying to pay off your debts. If this happens, you can call the company that gave you the loan and talk about what you can do to get your account up to date. You might be able to refinance your home, which could lower your monthly payments and maybe even your interest. There's no time to waste when it comes to debt. Every payment you miss or late fee you have to pay will make you feel like you're sinking into quicksand.
Even when things are going well, a relationship goes through a lot of stress every day. The stress can be even worse when it comes to money. You and your partner will both be happier and healthier once you get a handle on your debt and start living your life again.
