Weighing our options.
What type of debt should my spouse and I pay off first?
The answer to this question depends on the type of debt you’re carrying. If you’re hauling around credit card debt at 15 to 18 percent interest, you need to pay that off pronto. Student, car and home loans need to be attended to as well, but the interest on these loans doesn’t hold a candle to credit cards. Carrying credit card debt or missing payments does a number on your credit score, too. If you have multiple cards or debts, use the snowball repayment method to figure out which to pay off first.
When you and your spouse are making a choice to pay off debt, it’s also important to remember that if you’re married, it’s not his debt or her debt; it’s your debt, together. You’re a team and punishing the other isn’t going to help the situation. Work together and you’re bound to see results sooner.