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2007-11-06 03:46:38

Credit Card Deals for Spouses - Joint or Separate Credit Accounts?

The discussion of money matters is not an easy talk for newly married couples. But sooner or later, you need to settle this point with your spouse. By all means, speaking about credit card deals may be inappropriate, as all you can think about will be living together with your husband or wife happily ever after. Still, the real life proves to be much more complicated than in weepy movies and someday you need to decide how you will take control of your family budget. Very often, couples wrestle with an arguable point of separate or joint credit accounts. Let's take a close look at this problem!

Most financial experts share the opinion that spouses should have separate credit card accounts. Their reason is quite clear. There are so many circumstances that can influence your credit card deals. People fall into debts, become bankrupts, divorce, not to mention the fact that we are mortal. No one can feel absolutely protected against hardships of life.

Although, a husband and wife trust each other, it may be rather problematic for both if they decide to separate. According to statistics, more than 70% of women have to cope with financial difficulties on their own at certain life stages.

So, what is the difference between individual and joint credit accounts? When you have an individual credit account, your creditor will take into consideration your income, and credit history. So, you need to handle your debts alone. If you are not so lucky to have a good credit history, you can't prove your creditworthiness and therefore you can't expect the best credit card deals.

Meantime, with a joint credit account, you can benefit from your spouse's credit achievements. And if you have a joint credit card, your creditor should report to credit bureaus in the names of both. However, the reverse side of this medal can be his or her credit card debts. In other words, you become responsible for these debts as well.

It's worth saying that you may be liable for your spouse's debts if you live in a community property state. It means that you are responsible for the debts incurred during your marriage, so that heavy debts of your spouse may negatively influence your credit card rating. On the other hand, it's more convenient to control your deals when you have joint cards. And if one of the spouses travels for a work, another can pay off the bills or settle some other problems.

Let's consider the following case that is quite typical for newlyweds. One of the spouses may have not so favorable rating. By all means, it influences his/her credit card rates - they are pretty high. For this credit user, a joint credit account may be an excellent option. At the same time, he or she may keep on using plastics that are in his or her name.

This variant appears to be the most attractive. So, you will establish your credit history and enjoy low interest rates on your credit card deals. Separate credit accounts will be of use for your retirement savings. This way, you will be protected from the unexpected events in your life.

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