Rely on the card and then fail hard. Success at handling money tightly bonds a couple. Failure splits them even faster.
♂$♀ Adolescent decisions can kill good decision-making efforts. For example, newlyweds can’t spend their way into the middle class lifestyle their parents provided for them. Neither can they keep up with peers still living with parents. Try either and couples turn their lifestyle over to creditors.
♂$♀ Outrageous credit card interest rates and debt drag down anyone’s lifestyle. So, wiping out credit card interest payment is the fastest way to move a couple’s lifestyle upward—except for more income, of course.
♂$♀ Dealing with credit cards, good intentions are not nearly enough, not nearly enough, not nearly enough. Determination, firm plans, and loyalty to each other and their budgeting process are required. Both minds must be convinced that credit card interest payments are the financial equivalent of bringing home STDs.
♂$♀ Only one way out: Every couple should stop immediately charging on credit cards except as they set aside the money to pay it off with the next billing. Develop a system of tracking and the habit of paying cards off each month. Promise and deliver on the promise to never incur credit card interest payments, once current debt is paid off.
Empty promises deliver empty nests.
The next post facto is “Plan Ahead” at post 301.
[More about newlyweds appears at posts 261, 257, 254, 247, 242, 230 and 224. Scroll down or search by number with dot and space following it.]