When Dealing with Divorce, Rebuild Your Life by Cancelling Credit Cards

When you are going through a divorce it can be a difficult time because it is a time that will be emotional and also frustrating as well. You need to make sure that you are doing what you need to be doing to protect yourself.  This is going to mean that you have to take a stand and make some very important decisions.

Discuss All Finances

There are certain things that you need to do first when you are getting divorced.  You have to go through your finances to make sure that you are secure.  You and your soon to be ex need to sit down and decide what you have to do in order to make this time go as easy as you can.  If you do not get along with your ex partner, you will want to try and figure out a way to get safe when it comes to your credit and all of the credit cards you have and you have with hold jointly with your ex.

Most people have a credit card or even more than one.  Some of the cards that people have are in their own name and some are in both their name and their spouse’s name and this is dangerous when it comes time for a divorce.  When the situation is heading for divorce, you may want to make sure that you are canceling some of the cards that you are not going to need anymore.  You will also want to make sure that you are canceling the cards that are in both you and your ex’s name.  This small but important tip from our Concord divorce attorneys will protect you more than you think.

Cancel Service

When you have credit cards that are in both names, you have to make sure that you are calling the company and ending your service with them.  You may end the cards that you have with that company and get new ones issued to you from a new account that is only in your name.  This means that you are terminating all of the privileges that your ex would have had to the cards.  This will be your way of taking charge and keeping your credit in good standing, as long as you are debt free from the specific credit card.

Determine Interest Rates

When you are looking for ways to figure out what cards are best to keep and what cards are going to need to be cancelled, you may want to sit down and figure out what your interest rates are on them. You will only want to keep the cards that are in your name only and that have a smart interest rate attached to them. You will not want to have to pay a lot in interest that is added on to your account. This is the main reason why it is so important to make sure that you have a card that has low interest because this will make your payments lower as well.

You should be thinking about what is best for you and your credit.  If you are not sure how to handle something, you can seek the help from a professional. You can get counseling for your credit after a divorce so that you are getting the facts that you need to get your finances in order and to protect your good name, however, our divorce lawyers in Concord NC recommend consulting with a credit and debt counselor or even our law firm to discuss your specific situation.  There are only a few things that you can have in life and one of them is your good reputation.  This is something that you own outright and you do not want to take any risks in messing it up.

Any cards that you do not use or has your ex partner’s name on them need to be cancelled at once when you are going through a divorce. This is the only way that you can keep your credit where you want it to be and avoid any unexpected charges being added on.  You need to be in control and find ways to rebuild your credit and keep it up.

For more information about divorce or credit card debt counseling, please contact our family law firm today to schedule a consultation with an experienced attorney.