What Married Couples Need to Know About Credit Cards

Communication is Key

When it comes to spending habits, you and your spouse need to sit down and have a talk. Many financial problems can result when you and your spouse are not on the same page when it comes to financial matters.

If you only have credit cards for emergency purposes or have one credit card devoted exclusively to emergency purposes, you and your spouse both really need to define what you mean by emergency. The word emergency means different things to different people.

To one individual an emergency might mean their house experienced damage during a flood. Another individual might consider something relatively trivial like a broken nail to be an “emergency.” If you and your spouse both don’t decide on what exactly you mean by an emergency, your credit cards can easily end up maxed out.

Major Purchases Should Take Two

It’s a good idea that if you are considering a major purchase you talk it over with your spouse and determine what credit card you should use for the purchase. If you don’t have this sort of communication, you might end up over your credit limit, and we all know just how costly over-the-limit credit card fees can be. Avoid these fees by talking to your spouse regularly.

Don’t Open an Account Alone

Any time you are considering applying for a credit card you should talk it over with your spouse. In most states, married couples assume each other’s credit responsibilities. Whatever your spouse does affects your credit rating and vice versa.

If you’ve been used to managing your finances without being accountable to anyone, sharing decisions is going to take some getting used to. Just remember, once you’re married your credit cards essentially become your spouses so make sure you are on the same page when it comes to credit card spending.