A June Wedding: For Better or For Wor$e

Posted in: General Bankruptcy

There are a number of things to discuss before a wedding.  There are the small questions:  What kind of cake will we serve?  What song will we play during our first dance?  If we invite your cousin’s wife, will she get drunk and make a scene?

Then there are the bigger questions: Where will we live?  What schools will our kids go to?  What will we do about your $50,000 student loan debt?
Considering that about 2/3 of college graduates this year will have some student loan debt, this last one is a question that needs to be dealt with sooner than later.  The average student loan debt for the Class of 2013 is $35,200.  Consider also that student loan debt is extremely difficult to discharge in bankruptcy.  While only the person who actually took out the loan (and any co-signers) will be obligated, and not a future spouse, there is no question that beginning a marriage with one person bringing significant debt can trigger stress for years to come.

Monthly student loan payments can affect a young couple’s ability to save for a down payment, afford the car they want to drive, and pay for romantic date nights.  And it’s not just student loans.  Medical bills and credit card debt can also haunt a new couple until properly dealt with.  This may be a matter of creating a budget and making better spending decisions.  More drastic measures, such as bankruptcy, may be in order.  Regardless of their perception of their financial situation, young couples should make time to discuss these issues.  After all, debt has more lasting consequences than the color of the ribbons tied around your centerpieces.