White Mountain Partners examines the relationship between debt, marriage and divorce
White Mountain Partners teaches you how you can finally put an end to those daily phone calls with your creditors.
— Partners of the Montagne Blanche
ROCHESTER HILLS, MICHIGAN, USA, June 20, 2022 /EINPresswire.com/ — White Mountain Partners knows that consumers’ priority is getting the best interest rate available. Paying the minimum balance each month only creates more interest payments, not more debt repayments. White Mountain Partners offers a single digit interest rate and a single monthly payment. This allows you to start prioritizing savings instead of struggling to enrich the banks.
White Mountain Partners examines the relationship between debt, marriage and divorce and has come to some interesting conclusions. Times have changed for the United States of America. The value of relationships is vastly different than it was a decade or two ago. Debt is one of the reasons. Money matters have become one of the leading causes of divorce throughout America. This is also a reason why young people avoid getting married. These days, couples don’t want to be held responsible for their spouse’s debt.
“By law, any loan taken out before marriage is the sole responsibility of the person taking out the loan.” according to White Mountain Partners loan consultant Peter Thomson, “no responsibility lies with their future spouse”. However, many people also take out loans after marriage. People who want to continue their studies often take out a loan for their bachelor’s degree. Some even take out a mortgage to buy a house for themselves. This debt will be marital property, that is, it belongs to both spouses. Unless otherwise specified in the prenuptial, the debt will be divided between the couple according to their situation and the state in which they reside.
Money matters have always been a cause of conflict in marriages. Each person has their own “financial personality”. We often see that a person is well organized and smart in making financial decisions. In contrast, the other person in the same relationship is impulsive and doesn’t make good decisions about finances.
Also, many people do not plan how to repay a loan they have applied for and often even spend the loan money on expenses other than what they should be spent on. It is crucial in a marriage to be open to communication and to plan savings before applying for a loan. A couple should sit down and discuss how they are going to manage expenses and how much they should save. Money management planning is not the only factor to consider. When couples take out loans, they also need to consider what will happen if they separate.
The younger generation feels that there are too many complications related to these issues. As a result, there is a growing tendency to avoid marriage altogether. Studies show that baby boomers were prone to finding love and settling down in their early twenties. By comparison, Gen Z seems to be going a different route. They think it’s better to marry late or not at all because they don’t want to share their spouse’s debt.
America’s Growing Debt
There has been an increase in debt over the years in the United States. With over 16 types of loans available to every US citizen and expenses increasing every day, many citizens are opting for loans to cover their expenses. There are several types of loans available. These include:
• Personal loan
• Automatic loan
• Student loan
• Mortgage loan
• Home Equity Loan
• Credit creation loan
• Payday loan
• Small Business Loan
• Title loan
• Boat loan
• Recreational vehicle loan
• Family loan
• Land loan
• Pool loan
With the rising cost of living for Americans, it’s no wonder the debt is growing every year. It is becoming more and more difficult to manage the expenses of a single person, let alone an entire family. Couples, in particular, are struggling to manage their finances and keep raising their standard of living. The ongoing COVID-19 pandemic has also made matters worse. As a result, the younger generation seems to have taken the side of preferring money to marriage, either by divorcing them or by delaying their plans to settle down. Only time will tell if this is a wise decision or the start of another dilemma.
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