The traditional wedding vows say the words, “For richer, for poorer.” But most of us don’t expect the second half of that to ever materialize. Most of us foresee a rosy, loving future with ample money to see us through.
But debt can destroy the passion and even the love. If your new mate doesn’t understand the basics of finance and regards that plastic card as the means to spend, spend, spend, you may find you have gained more than a partner for life. Your new marriage may come with a host of unexpected credit card bills and frightening overdrafts.
The key is to sit down in advance and discuss finance. Look at one another’s current debt load before you get married and decide how you will go about handling it. If one partner is seriously in debt, this may be a red flag.
Before you say ‘I do,’ set some clear-cut parameters for future spending, in order to prevent this spiraling out of control. For example, if there is a credit card balance on your Visa card, freeze spending on all cards until it has been paid.
Once you are married, your assets begin to be regarded as joint. So too, do your debts. Debt has been likened to finding an elephant rampaging around in your living room when you come home. You might spend the first five minutes blaming one another for leaving the door open, but the next step is to concentrate your energies on getting it out of your house before it does any more damage.
The first step is to consolidate debt and find one single creditor to take it all on. Most often this is your bank. This is a good idea for several reasons:
Having only one payment that must be paid monthly will prevent bills getting lost in the shuffle and thus, not getting paid
The bank’s interest charges will be significantly lower than the interest rates on most credit cards
It’s easy for one spouse to be perceived as a ‘nag.’ The bank manager can be an outside, uninvolved arbitrator regarding bills
There is a satisfaction to feeling you’re actually handling the problem and resolving it

Don’t forget to have fun
Being in debt doesn’t mean you can’t ever spend money on things you both enjoy. Build in a small amount of money to do things together. They needn’t be expensive activities:
An afternoon cycling or roller-blading and finish with sodas at an ice cream parlour
Pack a picnic with a few gourmet treats to enjoy in your favourite park or beauty spot
Plan a beer-tasting with friends each bringing a bottle or two of an unusual brew and something for a pot luck meal
Go to your local tourism office and find out where you can find wonderful public art installations and even little galleries. Travel on public transit and explore your own city, but be careful that this doesn’t turn into a spending spree