Watch Out for Signs of Financial Disaster

Every year, 1.6 million Americans file for bankruptcy; over 5 times as many as in 1980. Debt is at an all time high, and the savings rate is at a 25 year low. Many Americans work hard to maintain financial stability only to discover that their spouse's financial obligations can quickly ruin their good credit rating, leaving them without the financial tools needed to succeed in today's world.

Before you tie the knot, there are few things you should do to secure your financial future.

Discussing your individual credit and financial status is an obvious first step in assessing what your financial situation might look like as a couple. Unfortunately, people are not always honest and may fail to disclose a dubious past; either intentionally to avoid embarrassment or to conceal their poor choices or unintentionally because they do not understand the impact it may have on the marriage.

It may be time to run..if

1. Your soon to be spouse jokes about the fact that he never files a income tax form because the IRS will never know the difference. They will.
   

2. Your soon to be spouse decorates his work area with the bold red Final Notice Warnings pinned to the bulletin board.

3. He or she buys that newest gadget or fashion clothes that cost more than the utility bill that hangs proudly from the wall.

4. Your soon to be spouse tries to sell you on a sure fire investment that is sure to make you rich , or get out of debt, with very little work.

5. When you go out to dinner, he/she filters through several credit cards to find one with enough credit on it to cover the meal.

6. He wants to put your personal real estate up for collateral for a loan to finance his newest business venture..

7. You discover that he only pays his child support when he is afraid it will go to legal action.

8. You aren't sure exactly what he/she does for a living. He may go off to work at the firm everyday but find out what he actually does there and how long he has worked for them. Ask him about his work history. Frequently changing jobs could signal danger.

9. You discover he/she has had a least one item repossessed for failure to pay.