Is A Credit Card Needed within Marriage?

Author Gary D. Chapman From Things I wish I’d known before we got married 6 years ago 8755

An important matter that needs to be discussed by every couple is credt buying. Nowadays, medias nearly screams every corner : "Buy now, pay later." What is not stated is that if you buy now without cash, you will pay much more later as interest rates on charge accounts have a wide range.


A guiding principle on whether a credit cart shall be needed or not is, if you have a credit card, use it only for emergencies such as medical treatment and other necessities such as car repairs and major appliances. And then you just pay off the balance as quickly as possible. Please never use the card for non-essentials but save and pay cash instead. But all important FICO score actually can score you lower if you have no credit history. This can be a problem when you get ready to purchase a house, a car or major appliance.


Reasons we use a credit card
A credit card can pay for what we cannot pay for now. The credit card has been for many couples a membership card to "the society of the financially frustrated." It encourages impulse buying, and most of us have more impulses than we can afford to follow. Credit cards can aid in keeping records and that, if payments are made in full promptly, charges are minimal. Most couples, however, will spend more and stretch out payments longer if they regularly use credit cards.


The purchase of a house may be a wise financial move. If we have money for the down payment and can afford the monthly payments, such a purchase is wise. On the other hand, most of our purchases do not appreciate in value. Their value begins to decrease the day we buy them. We buy them before we can afford them. We pay the purchase price, plus the interest charges for credit while the article itself continues to depreciate in value.


Suggestions
The necessities of life are relatively few and they can be met on your present income. It's advisable that you live in the present rather than the future. Just leave future joys for future accomplishments and enjoy today what you have today. Another practical idea that can prevent much tragedy is an agreement of both that neither will make a major purchase without consulting the other. The purpose of consulting is to reach agreement regarding the purchase.The concept of major purchase must be given a dollar value. For example, the couple might agree that neither would ever buy anything that costs more than $100 without such agreement. It's true that many shiny and brightening luxuries would still be in the showroom if couples followed this principle. It's also true that many couples would be far happier.


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