Is Debt a Deal Breaker?
Before embarking down the path of marriage, couples should discuss many things: their religious views, their views on life, on child-rearing and if they even want to have children. They should also discuss any debt that either party may have, as this can be a deal breaker for some people. Debt can cause serious strain on the relationship; but there may be solutions for the couple.
Stresses of Debt on a Couple
Debt can cause stress in a number of different ways. It can prevent couples from making large purchases together, such as a home, especially if debt has resulted in a poor credit score for one half of the couple.
It also puts serious strain on the relationship as a whole. It may cause one half to feel resentful of the other, either for having too much debt or simply for being “out of control” with their finances. It may lead to a lack of trust, which can be even more detrimental to the relationship. A lack of trust, especially when it comes to dealing with a couple’s finances, can tear the relationship apart.
Finally, debt can be a complete and total deal breaker for some people. The mentality that if one person can stay out of debt and live within their means, while another cannot, is often baffling to the person without debt. This leads to fear of what the future may hold in terms of financial stability, which can lead to separation for the couple.
Solutions for Debt
If marriage is in the cards, couples may want to look for ways to reconcile any debt the pair may have separately. This may be as simple as keeping the debt separate but making a plan to pay it off so that the relationship can advance financially, such as purchasing a home or vehicle.
Some couples may consider working together to pay off all of their debt through a debt consolidation loan or through a credit counseling service. This can help teach the couple to work together on their budget and more importantly, on their spending habits. Working together to create better financial habits can be extremely beneficial, which may actually make the couple stronger in the long run.
Debt does not have to be a deal breaker. If the couple is committed for the long term, then there are plenty of ways to work together to eradicate the situation including debt consolidation loans, credit counseling or simply working together to create a payoff plan. Though debt can be stressful, it can also be beneficial in the long term by teaching couples how to better manage their finances.
About the Author: Patty Kleen is a full-time writer with a major focus on finances and investments. She knows all too well what it is like to be blindsided by a spouses secret debts. When she is not writing, she works closely with finance staffing agencies to create guides for those looking for work within the industry.