One Simple Way to Pay Down Debt Faster When You’re Married

When you decide to tie the knot, you bring a lot into your marriage. You bring more than just your love; you also bring your dreams, your income and your assets.

Unfortunately, many people also bring a significant amount debt into their loving union.

For better and for worse, right?

It’s OK. Take a deep breath, hold each other’s hands and repeat after me. We will pay down this debt — together!

As a Penny Hoarder reader, you probably know that we have a great solution for you. It’s true. We do.

Here’s one simple way to pay down debt faster when you’re married:

Let MoneyLion Find a Loan to Help You Out

Once you walked down the aisle, you joined your debt together. Whether it’s medical bills, a car loan or even bad credit card debt, it’s time to tackle it together. One of the best ways to pay down debt as a married couple is to consolidate it all into one low-interest loan.

A good resource is MoneyLion, a search engine for financial services that can help match you with the right personal loan to meet your needs.

Here’s how it works: MoneyLion can match you with new loan offers at a lower interest rate — as low as 5.20% APR*. That’s 70%* lower than the average credit card interest rate. And it’s the key to finally getting ahead.

You can use this new loan to pay off all your existing credit card debt, then you’ll be left with one (cheaper) monthly payment that will help you get out of debt faster.

If you have a credit score of at least 620, you could get up to $100,000. With no collateral. And terms go up to 144 months.

Worried you won’t qualify? Take two minutes to check online and see if you could cut your credit card interest rate by 70%.

As a married couple, you may have an even better chance to get a great loan if one of you has an excellent credit score.

Chances are you’re paying a lot more interest on your old debt. By consolidating your debt through MoneyLion, you’ll eliminate having multiple payments to worry about. With just one payment and low interest, you can make more progress each month and have your debt paid down much more quickly and start working on that “for richer” part of your vows.

Now that’s wedded bliss, right?

*Based on creditworthiness. Average credit card interest rate is 24.72% as of 8/14/23, according to Forbes Advisor’s weekly credit card rates report.

Tyler Omoth is a senior writer at The Penny Hoarder who loves soaking up the sun and finding creative ways to help others. Catch him on Twitter at @Tyomoth.