Ameritech Financial: Living Together May Not Be Good for Long-Term Financial Health
ROHNERT PARK, Calif., August 21, 2018 (Newswire.com) - According to a recent study, living together may not help either partners’ financial health. More individuals are living together rather than getting married. Nearly 30 percent more American couples lived together in 2016 than in 2007. Cohabitors (unmarried romantic partners that live together) may view living together as a way to save money, reduce rent, pool incomes and stabilize expenses in order to pay off student loan debt, but they may not actually improve their financial health. Ameritech Financial, a document preparation company that assists borrowers in applying for and maintaining enrollment in federal repayment programs like income-driven repayment plans (IDRs), understands the enormous financial stress that young couples are under especially due to high monthly student loan payments.
“Committed couples working hard for a common cause can accomplish a lot, married or unmarried,” said Tom Knickerbocker, executive vice president of Ameritech Financial. “But student loan debt can put a tremendous amount of pressure on relationships. We want to help. We can assist you in navigating the sometimes-complex process of finding the right IDR that might possibly lower your monthly student loan payment enough to allow you the breathing room you need to make decisions free from extreme financial constraints.”
Committed couples working hard for a common cause can accomplish a lot, married or unmarried. But student loan debt can put a tremendous amount of pressure on relationships.
Tom Knickerbocker, Executive Vice President of Ameritech Financial
Often, the decision to begin cohabiting is not a formal one but occurs gradually without clear communication. Individuals move in together as a way to spend more time with each other because it is convenient and/or because it is a way to test the relationship. Cohabitation, like marriage, may also provide an opportunity to pool resources, establish economies of scale and potentially work toward a shared financial future like paying off student loans.
Unfortunately, although cohabitors are equally capable of establishing joint accounts for the purpose of paying shared expenses, they are more prone to frequent and earlier disruptions in their relationships. This results in economic disadvantages; for example, less asset accumulation, decreased likelihood of owning a home and less ability to keep up with debts (both consumer and student loan debt). The researchers recognize that living together may not be the root cause of poorer financial outcomes. It may be that individuals with poorer financial health are more likely to live together. Therefore, the research outcomes may be based on prior history rather than the condition of living together. However, those under financial stress (like those individuals who have more student loan debt than they can handle) are less likely to have long-term planning and may be forced to deal with day-to-day spending instead of buying a home or having children.
For those who are living day-to-day because they are overwhelmed by student loan debt, an IDR may ease this burden enough to look at more long-term planning. Ameritech Financial has helped thousands of borrowers find the right repayment plan for them and assist with the application process for such programs.
“As a company, we will never make judgments about how people conduct their lives,” said Knickerbocker. “We want to assist people to be freer from the financial burdens that impact their quality of life. We want to be the best experts at helping them find solutions to overwhelming student loan debt.
About Ameritech Financial
Ameritech Financial is a private company located in Rohnert Park, California. Ameritech Financial has already helped thousands of consumers with financial analysis and student loan document preparation to apply for federal student loan repayment programs offered through the Department of Education.
Each Ameritech Financial telephone representative has received the Certified Student Loan Professional certification through the International Association of Professional Debt Arbitrators (IAPDA).
Ameritech Financial prides itself on its exceptional customer service.
Contact
To learn more about Ameritech Financial, please contact:
Ameritech Financial
5789 State Farm Drive #265
Rohnert Park, CA 94928
1-800-792-8621
media@ameritechfinancial.com
Source: Ameritech Financial
Related Media
