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Before You Consider Joint Credit Atlanta, GA

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Before You Consider Joint Credit

young couple in the sitting room

When people say, “I do,” they typically believe in the happily ever after. They go into marriage with love on their radar and the future in their sights. Many couples have the opinion that “what’s yours is mine and what’s mine is yours” when it comes to everything, including finances. While this attitude can be beneficial when starting a marriage off on the right foot and truly “becoming one” in all circumstances, it is important to take a step back and really consider the pros and cons before you consider joint credit.

Finances are one of the most common stressors of any marriage. Two people coming together with two separate ideas of how to save, how to spend, and what to spend money on often create a strain on the relationship. It is important to understand what a joint credit account is. A joint account is co-signed by both individuals so that both persons share an equal access to the account. There are benefits and disadvantages that you need to understand.

Pros:

  • One account. Having just one account is much easier to keep track of than multiple accounts. Money going in and coming out of one account simplifies tracking cash flow.
  • Lower bank fees. Many accounts require a fee on each account. By having just one account, you can keep your fees to a minimum. Also, if you are required to keep a minimum balance to avoid a monthly fee, a joint account can increase the cash in the account.
  • Accountability. Knowing what your partner spends helps keep you both accountable for purchases. This can strengthen your relationship by viewing money as “our money” and working together to manage it.

Cons:

  • Overdrafts. If one of the members of the joint account is not responsible for helping to keep money in the account or overspends, the overdraft and additional interest can cause a huge burden on the relationship and budget.
  • Creditors and Debt collectors. If one partner finds him/herself in financial problems, your joint account could be sought out to repay debt. This affects both persons on the account.
  • Separation and divorce. If “I do” becomes “Un-do” a joint account is difficult to manage. If your ex denies you access to the account and you are unable to pay bills, that can negatively impact your own personal credit score.

While getting married can be a huge blessing in your life, it is best not to go into it with blinders on. There can be serious ramifications to your financial future should things not go according to plan. Before you get married, it is vital that you talk through finances and whether opening a joint account is the best choice.

Posted on behalf of Gingold & Gingold

1718 Peachtree St NW, #385
Atlanta, GA 30309

Phone: (404) 685-8800

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Our Client Reviews

Gingold & Gingold LLC
5.0 / 5.0

Based on 28 reviews

Jack L.

They did an excellent job with my case. Jamie took the time to really listen and understand things. She delved into the details and was extremely knowledgeable and non judgmental. Very professional and they know what they are doing. Would definitely recommend!

All C.

Mr. Gingold was recommended by an attorney I had worked with previously. I met with Ira Gingold to discuss credit issues. He went over each specific issue thoroughly. He advised me of the potential outcomes. He did all this in one meeting for a very reasonable price. When we finished I was confident in moving forward with a resolution. He definitely wants to help people take the appropriate course of action for their circumstance.

Karen B.

Dear Mr Gingold, There are so many reasons to be thankful for all you have done and will do. Anyone who has ever had unfavorable experiences with an attorney or the legal system will feel the trepidation that I experienced once I realized that my situation seemed hopeless. It was by chance and happily good luck that I decided to put my future and sanity into your hands. I was mortified at having to deal with my debts by claiming bankruptcy. I remember in our first meeting how you assured me that I was not alone and should not feel ashamed. And, anyone in this position obviously does not have money to spare and you were clear about all the costs and allowing me to pay according to my own ability to do so. You advised me in all aspects of the law, but also, you were at each meeting incredibly supportive and complementary of my personal and professional plans. Anyone else in this situation should feel blessed to have access to your expertise and support.

Lyla B.

I thought the process of filing bankruptcy was going to be a difficult one. However, Gingold & Gingold treated me with respect and dignity from the moment I walked through their door. I had the pleasure of working with Jamie. She is very responsive, professional, and knowledgeable. She took the time and listened to my every concern and handled each and every one of them to my satisfaction. My experience with filing bankruptcy under Gingold & Gingold's representation exceeded my expectations in a major way. They gave me such a peace of mind. I am very pleased with my decision of going with Gingold & Gingold to represent me when I filed Chapter 13 bankruptcy.

Julie T.

Wow! I am finally out of debt and can say that I am debt free after completing my chapter 7 bankruptcy case with Gingold and Gingold. Mr dangled was very knowledgeable and direct with regard to my debt situation. there were no surprises and the case went as I was advised. The staff was also very helpful whenever I had a question. I will definitely recommend them in the future to my friends.

Sherard W.

I cannot say enough about this law firm. From the initial consultation to our discharge, the entire office kept me updated with every step of the entire process. I came to the Gingold after a bad experience with another law firm. Ira and Jamie immediately began treating me like family through this experience. In the end, they assisted with eliminating many debts including my 2nd mortgage. I cannot say enough about the experience and knowledge that Ira brought to the table from the office visits to the court time. Thank you very much for helping me through this tough time. Thank you.

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