TORONTO--(Marketwire - Jun 2, 2011) - As wedding season kicks into high gear, many couples will head down the aisle to say "I do." TransUnion.ca reminds couples across Canada of the importance of taking time to discuss financial goals and to vow to put their best financial foot forward.
"Discussing finances with your fiancé can be a scary or awkward situation, but is an important one to help avoid unnecessary stress down the road," said Tom Reid, director of consumer solutions for TransUnion.ca. "Understanding the financial commitments that come with marriage can help to maintain marital bliss long after the ceremony and TransUnion.ca has the resources to help couples say 'I do' to reaching their financial goals."
TransUnion.ca provides the following tips to all couples to help them start their new lives together on the right financial foot.
Talk About It -- Openly discussing your finances with your fiancé is the best way to prevent future disagreements. You both should obtain and review a copy of your credit report and discuss the debts you have. Talk about your spending habits, your savings and your financial goals so that you will both be on the same page.
Give Him or Her Some Credit -- Understanding your sweetheart's credit history can help you avoid future surprises. Your fiancé's credit could have a dramatic impact on the interest rates you might pay for co-signed loans and joint accounts in the future. If there are past credit problems, work together now to clean things up and reduce debts. Starting your new life together could be a lot smoother with good credit.
Marry Your Accounts -- Don't worry, your credit reports won't automatically merge together when you get married. Only when you open a joint account, become an authorized user or co-sign on a loan will a record appear on both your credit reports. Combining your finances this way can be a great way to get the best deal on a major purchase. Be careful though, any negative reporting associated with the joint account could mean potential damage for both spouses' credit.
Build a Love Nest -- If you are planning on buying a home together, monitor your credit, work on reducing your debt-to-income ratio, and give yourselves at least six months to save up a down payment. A few months of financial improvement can help you potentially save money on your mortgage.
Cut Wedding Costs -- Planning the wedding of your dreams can sometimes lead to a nightmare of debt. The average wedding now costs more than $25,000, according to theknot.com, a hefty sum that can lead to big credit card bills after the honeymoon ends. Talk with your fiancé about how much you can afford to spend without breaking the bank. Being creative about cutting back your budget, e.g. using potted flowers and making the invitations yourself, can help you shrink your costs without reducing your style.
About TransUnion
As a global leader in credit and information management, TransUnion creates advantages for millions of people around the world by gathering, analyzing and delivering information. For businesses, TransUnion helps improve efficiency, manage risk, reduce costs and increase revenue by delivering comprehensive data and advanced analytics and decisioning. For consumers, TransUnion provides the tools, resources and education to help manage their credit health and achieve their financial goals. Through these and other efforts, TransUnion is working to build stronger economies worldwide. Based in Burlington, Ontario, with global headquarters located in Chicago, Illinois, TransUnion provides local service and support throughout Canada. Visit www.transunion.ca to learn more.
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For More Information:
John Branham
512.351.3512