Couples should have 'a common credit card vision'

Couples need to have a similar idea as each other about where they are going with their money, according to two industry experts.

To avoid disputes, couples should have a common credit card vision.

That is the opinion of David and Libby Koch, writing for News Limited Newspapers.

And the pair recommended that people should have a similar idea of where they are going with their money so that there are not disagreements in the relationship.

They said: "If you're the person with the knowledge and primary responsibility to manage money, you may need to motivate your partner to become better informed and disciplined."

Relationships could see trouble if a cheapskate is living with someone who loves to spend big on their credit cards while shopping, but the twosome advised that two individuals might still get themselves into bankruptcy by spending equally as much.

Although, the pair noted that is easy enough to run up big Aussie credit card bills.

When money is tight then financial incompatibility can put a big burden on a relationship and cause grief, according to the couple, especially if both parties are not in agreement about what to do for the better.

They stated that partners should sit down together and talk about getting on the same financial page as each other by realising what their values are.

Setting new goals and then discussing what steps can be taken to start achieving these aims are two talking points that might be worthwhile for couples in financial trouble.

"If you are not saving enough, then one or more of these goals will have to be compromised. This is just the start," they added.

However, those in credit card debt might like to note that Smartline State manager Richard Bradshaw said earlier this month that owing $30,000 and $80,000 is not unusual, the East Torrens Messenger reported.

And he recommended that people "fold" their debts by placing their credit card arrears into a home loan because it could mean paying a lower interest rate.

By Mark Hornby