Consolidating finances marriage
If you default on your refinanced mortgage you run the risk of facing a foreclosure.
Should your situation deteriorate and you struggle to make any kind of debt payments, you may find yourself considering bankruptcy.
It may be awkward to have these conversations, but here are 5 mistakes to avoid: 1.
Spending too much on a wedding Nobody should start their married lives in debt because of a wedding.
These examples are from the Cambridge English Corpus and from sources on the web.
Any opinions in the examples do not represent the opinion of the Cambridge Dictionary editors or of Cambridge University Press or its licensors.
Depending on the market and the state of your credit, the interest rate for your mortgage will likely be lower than an unsecured loan and much lower than a credit card.
Rolling your unsecured debt into your mortgage could save you some money at tax time.
Make a budget and assign an amount to each aspect of the big day and any following vacation, said Dara Luber, family finance specialist at TD Ameritrade. Starting money talks after marriage Alyssa Fischer, a personal finance blogger at Mixed Up Money, has plenty of soon-to-be-married friends who say they’ll talk about budgets after the wedding day.
Bankruptcy is a perfectly acceptable option, but your options may be somewhat limited if your debts have been consolidated into a home equity loan or mortgage.