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2007-04-17 04:06:02

Credit card deal for love is possible...

Money and credit are the present day reality dictating its conditions in almost every sphere of life. With so many best credit card deals to make you gain or you think you gain the power to control every side of the reality but sometimes you inevitably find yourself forced to make a choice. As experience shows it's not that easy.

Love, health and money - these seem to be the most precious things in the life of each American. If you analyze all these sides of life, you'll see that you make a deal in each of them. Marriage, health insurance and credit card deal. What's interesting, credit cards figurate in ach of the deal, being its integral part.

We'll discuss love and credit as a usual phenomenon in a marriage life or just living together. Thus, if you and your dear one are going to join your lives, you should seriously consider the role of credit in your adventure.

The speculation below has been called forth and is based on the numerous questions we've received concerning credit accounts in a marriage life. Individuals going into a marriage ask if they should preserve separate accounts or make a joint credit account for a more convenient and effective use.

That's a dilemma in fact, because not many happy couples are willing to think about money matters and, certainly, plan any financial makings under the romantic feelings of the festive procedure.

But remember, marriage is also a deal and to be a success in it, you should be farsighted more than ever.

Sandra has just graduated from the university and has little credit history in fact. With her student credit card she certainly has developed a credit file but too little credit history imposes higher rates and fees on her plastic.

Her husband, ten years older, has got much more credit and has the lowest interest rate possible on his Blue from American Express. He suggests Sandra closes her account so that they pay less in interest. What should the woman do under the circumstances? Should she preserve a separate credit account or move to the joint account with her name in it?

Certainly, it's not a thing to discuss before soon coming marriage but it nevertheless should be settled to avoid future problems and to ensure more stability and happiness in your conjugal life.

On our part, we strongly recommend Sandra to keep her Chase Bank card and a number of others. Keeping a credit card and not running balances on it will build your credit history and if divorce still is to happen some day, you'll be financially protected.

If you wish to build a more solid credit history of your own, you can have your name added to your husband credit account but in this case you also acquire responsibility for a credit card debt. On the other hand, you add to your credit history from this account, get a better interest rate and build a credit history at the expense of your husband's credit account, though selfish and dishonest it sounds.

So, our advice to Sandra is as follows. Keep all of your present credit cards in your name alone and add yourself to your spouse's account. You may as well choose to maintain an individual account (separate account) only without having your name in your husband's account. And perhaps it will be a winning variant for you if you manage your own credit cards wisely, paying always in time and in full and not accumulating debt. In case of divorce you alone will be responsible for your debt and no one will be able to hurt your credit history.

Take your time and weigh the pros and cons of joint or separate credit account. Provide for your retirement while you are still young. Plan and save for it separately or jointly. Each way has its benefits and disadvantages but remember, keeping your own, individual account will always be relevant and wise.

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