My friend's ex-partner had one requirement before they got married: he absolutely, wouldn't pay for any one of her debt. She's always been quite financially responsible, therefore the debt she had was mostly from student loans she'd acquired while pursuing her degree. In addition, he did not wish to share any one of their finances – even if it came to having a shared banking account for essentials, like rent. His financial “rules” seemed for insufficient a much better word, type of harsh. Aren't marriages said to be a team effort?
While I wasn't keen on my friend's ex-partner's approach to this unique issue within their relationship, these types of struggles are common. Be it finances or things to stream next on Hulu, one of the biggest challenges of being inside a serious relationship is attempting to get two individuals on a single page on with regards to basically, anything. Clashes happen. This seems especially true with regards to the delicate topic of money.
So, the question is — in the event you take a love interest's debt into account when you're deciding whether you need to have a long-term relationship? Also, are you currently afraid that the own debt load might negatively impact your romantic future?
Student Loan Hero recently surveyed 1,000 borrowers regarding their experiences with student loan debt and relationships. More than 43 percent of survey respondents said they fight about cash with their partners at least “somewhat often.” Debt is a major supply of stress among individuals, therefore it is sensible that it would create strain amongst couples.
Here's another less than encouraging data:
- More than one-third (36 percent) of respondents admitted to having lied to some partner about money.
- What's more, 24 percent have kept their student loans a secret from their partner.
- And 18 percent said it's okay to mislead someone about money.
But has debt really a relationship killer? Certainly not. Couples continue to be able to make things work if they're open about their debt, as these more positive stats demonstrate.
- Partners are jumping in, with 55 percent saying their partners helped in making debt payments.
- They're also cooperating on their finances, with 39 percent saying they pool their money into one main account.
- And still another 29 percent said they've both joint and separate accounts.
With that said, have you ever tried to pay off debt – either solo or with someone else, you know how hard it is. Unfortunately, this can take a toll on your relationship and sex drive. Approximately one-third of respondents claimed to possess experienced home loan business their sex drive due to student loan debt. Yikes.
However, the good thing is that more than one-third of respondents said that with regards to deciding whether to get serious with someone, it's more essential know how they handle their debt, rather than when they have been debt in the first place. 72 percent who said the ability to budget properly was the most appealing financial trait. This was followed by other financial traits such as having a healthy credit score (53%) along with a retirement account (40%) – proof that debt isn't be-all-end-all deal breaker it's often thought to be.
Unfortunately, using the cost of post secondary education and the rising cost of living, having some kind of debts are nearly unavoidable. Here's a few things to keep with regards to dating and private finances.
How are they handling their debt?
As the survey shows, respondents were more interested in the way a partner handles their debt, than set up debt exists. Do they have a step-by-step plan for paying off their debt they are currently focusing on? Will they date pay their debt each month? Are they concerned about maintaining a good credit score? If the answer is yes, then most likely you're dealing with someone who is mature and responsible when it comes to their finances. However, if your date has a history of avoiding their debt and/or living beyond their means without planning for the future, this could be a sign of bigger problems down the line.
Can you communicate about money?
Even in case your date's finances in regards to their debt is less than ideal, can you a minimum of talk about it in an open and non-judgemental way? Or do they clam up whenever you bring money into the conversation? With any relationship, healthy communication is essential. If need to be able to discuss everything — the squirmy subjects like overdue credit card bills.
Are they planning for the near future?
There's grounds why 40 percent of respondents found people with retirement intends to be the recommended. It implies that the person is planning the future. Lots of the way we handle our money coincides with the way we navigate your own relationships. Whether or not your date has debt or not, they must be in a position to communicate about financial matters and be preparing in advance if they want their future to incorporate you.