Friday, December 2, 2011

How Debt Affects Your Household

A family can't exist as a dictatorship, but financial management by committee won't work, either. Times have changed, and women now contribute financially to a household -- sometimes they contribute less money, and sometimes they contribute more. Both parties need to understand and agree to the debt management policy (think budget) that both will live by.

Financial decisions, financial goals, and debt management all need to be discussed by all who contribute to the household finances, and each needs to have an equal opportunity for input. Secured debt payments need to be made first.....mortgage, car payment, household appliance payment, etc.

Sit down with your family members and explain your situation. Being in debts means bad financial problems which leads to bad life.

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