Foundations for Strong Families 201. Joint versus Separate Accounts


The different forms of savings or credit account ownership are individual, authorized user, cosigner, and joint types. Spouses most often have joint accounts, allowing two named borrowers on an account. In this case, the credit history of both borrowers is used to determine eligibility and both are responsible for the debt accrued. Figure 3 addresses some of the issues to consider when deciding whether couples join accounts and credit or keep them separate.

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