Getting back on track: newlyweds LaToya and David Griffin find themselves back in credit card debt.

THE VIRGINIA BEACH COUNTRY CLUB wedding of LaToya and David Griffin left a lifetime of memories, but the couple's $11,000 bill has yet to vanish. They had their dream wedding last August. Now, the newlyweds are trying to dig out from under an already heavy debt load. The wedding bill has exacerbated financial hurdles the young couple is facing, particularly their different styles of handling money.

The Griffins, who met in 2002 at a U.S. Navy training facility, lived together for five years before their nuptials; the last two were free of credit-card debt. David is a saver and LaToya says she is still working on it. "He handles the finances and I just go along," she says. Still, LaToya knows he's worth listening to. When they first met she was $10,000 in credit card debt and David helped her get disciplined and pay it off. Now, their wedding expenses have put them right back where they were.

"We ran over our budget for the wedding," says David, 25. Their budget of $7,000 almost doubled when costs such as hotel and car arrangements for the 12-member wedding party began to add up. A large portion also went toward the 115-guest reception. The couple charged about 80% of the wedding costs on two jointly owned credit cards. The first card, obtained specifically for the wedding, has a 5% interest rate; and the second, their general use card, is the rate on 11%.

"We're giving ourselves two years to pay the cards off," David adds. That's a laudable goal for the couple, as they transition from single to joint finances. David earns $46,000 as a technician at Thomas Jefferson Laboratories, a nuclear research facility, and LaToya, 26, earns $55,000 as a chief machinery operator in the U.S. Navy. The Griffins purchased a $170,000, three-bedroom home in Hampton, Virginia, with no money down at an interest rate of 6.5% last February.

In addition to their full-time jobs, both attend college. LaToya will receive a bachelor's degree in applied mathematics at the end of the year from Old Dominion University and David is finishing an associate's degree in engineering from Thomas Nelson Community College. While LaToya still owes $9,000 in student loans for course work in mechanical engineering at Alabama A&M University, they won't incur more debt. The Navy provides $250 per credit hour, up to 16 credits per year, for LaToya. David receives $600 a month for college under the Montgomery G.I. Bill.

This low college debt should help the couple save enough to reach their goal of partial retirement at age 55. David has $16,000 in a Roth IRA, $23,000 in mutual funds, and $6,000 in his 403(b). His employer doubles his contributions up to 5% because the company does not offer a pension.

As for future plans, the Griffins hope to start a family, but they want to be able to afford comfortably to do so. David, who has a 6-year-old daughter from a previous relationship, pays $700 in monthly child support which equals a total payment of $100,800 by the time she's 18. Adds LaToya, "We want to continue to save and move forward once we have a child." With proper planning, the Griffins can certainly end up financial winners.

For more details on the Financial Fitness contest, go to www.blackenterprise.com/ffcontest.

THE ADVICE

Walt Clark, president and CEO of Clark Capital Financial in Columbia, Maryland, consulted with the Griffins to come up with a plan to move them forward.

* Pay down wedding costs. The Griffins should use the $2,000 contest winnings to pay down the $11,000 wedding debt. Clark also recommends that they tap their stock mutual funds. With interest rates of 5% and 11%, they should come out ahead paying that debt off. "There are no guarantees that they will have better returns, due to market volatility," says Clark.

* Build an emergency fund. With the recent purchase of the Griffins' home, they can expect to reap tax benefits associated with owning a home. However, it would be wise to start putting funds into an emergency money market account. Their goal should be to use any refund from their taxes and invest the proceeds into a large-cap stock mutual fund. Over time, this account will accumulate additional returns.

* Focus on retirement. Since the Griffins are relatively young, it would behoove them to make every effort to increase their contributions to 15% through their employer-sponsored retirement plans. Currently, LaToya contributes 7% and David 5%. The added benefit of having their employers match their contributions--in David's case, double--will give them the opportunity to build wealth quickly. "I recommend allocating assets into mid- and large-cap stock funds," says Clark.

* Increase life insurance. LaToya has a $400,000 policy through her employer. David, however, does not have any insurance. David should obtain a life insurance policy at least as much as LaToya's, says Clark. If one of them should die, all of their bills will be satisfied, including burial expenses. Generally, if you're trying to figure out how much life insurance you need, start by adding all current debts and burial expenses. If you have children, include funds for college, and if you plan for one spouse not to work and take care of the children, consider a number for that as well, says Clark. "If the premium is not a concern, I would recommend a variable universal life policy because it builds cash value over time while having the security of a life insurance policy," says Clark. Variable life is a pure investment policy that gives the policyholder control over his or her investment portfolio. The insured can decide how to invest the cash value portion of the account--whether in stocks, bonds, or money market funds.

Financial Snapshot:

LaToya and David Griffin
Hampton, VA

HOUSEHOLD INCOME

Gross Income                    $101,000

ASSETS

Market Value of Home            $170,000
Savings Account                    1,500
Checking Account                     500
David's 403(b) Account             6,000
LaToya's Thrift Savings Plan      10,000
Roth IRA                          16,000
Mutual Funds                      23,000
2003 Nissan *                      8,000
2005 Mazda *                      16,000
Total                           $251,000

LIABILITIES

Mortgage                        $170,000
Car Loans                         12,000
Credit Cards                      11,000
LaToya's Student Loan              9,000
Child Support                    100,800
Total                           $302,800

NET WORTH                       -$51,800

* ACCORDING TO KELLEY BLUE BOOK