Discussing debt relief may be wise before marriage in Tennessee

Discussing debt relief may be wise before marriage in Tennessee

| Jul 9, 2015 | Debt Management, Firm News

When individuals are in a relationship, they may begin thinking about the future of that relationship. If Tennessee residents are considering marriage, they may want to first assess the financial aspects of their lives. Some parties may have accumulated more debt than others, and there may be a hesitation from one or both parties to take on additional debt. Therefore, individuals may want to consider debt relief options before tying the knot.

It was recently reported that men are more likely than women to bring credit card debt into a marriage. The report stated that a survey of approximately 2,000 people indicated that over 40 percent of men brought such debt with them into a relationship and under 30 percent of women did. It was also stated that the individual debt was on average over $4,000.

Because many individuals may be reluctant to take on such debt from their partner, it may be prudent to discuss finances before getting married. This type of conversation can be beneficial because the situation can become more clear, and each party will be able to see how the other handles such topics. Financial struggles can negatively impact relationships, and, therefore, parties may want to handle debt issues as soon as possible.

For Tennessee residents interested in debt relief, there are multiple options available. Filing Chapter 7 or Chapter 13 bankruptcy may help qualifying individuals work through their debt issues. Information and discussion regarding these options may prove beneficial for parties who hope to get their finances on track in order to look forward to a brighter future.

Source: CNBC, “Men more likely to bring debt into new relationship“, Lucy Maher, June 26, 2015