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And learning about your new love interest's relationship with money can be a bombshell, especially if they're carrying a tonne of debt. So, where to go from here?
Finance and relationship experts share what you can do if you're smitten with someone in debt. Was it credit card debt rolled into more debt, or was it from an accident they had overseas when they were young and didn't realise they needed insurance? Ms Browne says being curious about how the person you're dating is managing their debt is another good place to start.
He didn't realise it was a big deal and brought it up very flippantly," she says. When they moved in together, Rachel immediately felt responsible for their finances.
She set up a budget and loan repayments to reduce the debt. Rachel says she later discovered her boyfriend had a gambling habit.
Despite them both earning "decent wages", it meant they weren't reaching their financial goals. Also, attend financial wellness events together. Many cities offer events geared toward educating communities on the importance of financial education. You can easily find some of these for free on Meet Up. Personal finance is extremely personal; remember to avoid any conversations that can be perceived as judgmental or belittling.
This question will help you gain a better understanding of the kind of person you are dating. News Politics Entertainment Communities. Opinion HuffPost Personal Videos. If you feel uncomfortable broaching the subject, frame it as a conversation about your future together. Have an honest conversation about your relationship with money growing up.
We are totally on the same page with money and that is more important than if one person has debt. A lot of student loans have manageable interest rates. Honestly it probably would be a deal breaker for me. April 10, at I feel like I really know nothing about it. And it definitely would have been nice if I had found the courage to confide in my partner at the time about my debt and the serious stress I had because of it. One had more money than he knew what to do with.
Am I OK being in a relationship with someone who has accumulated debt? But student loans can not. All depends on attitude and age. I got married and had student loan debt, hubby was 28 with no savings. We are doing really well now. I think you go with your heart and instincts. My ex before him I lent money to and was always broke — bad signs. I just pictured a financially miserable life. He has his own business now and may be doing quite well but not sure if those character traits change or maybe they do once you have more responsibilities especially kids!
Consumer debt, and excessive amounts at that is a huge no-no. I think would have to see the big picture, how much debt vs there yearly income.. I think about this a lot; to me, as you pointed out, it depends on what kind of debt they have and what their attitude towards it is. If someone had 20K in credit card debt but was paying it off aggressively, fine.
If some had 20K in student loan debt and was paying it off at least semi-aggressively, fine. If someone had 20K in credit card debt and thought it was no big deal…forget it. I would date someone with any amount of debt. I think as long as someone can control their debt and spending then I would have no problem going out with them: I once dated a girl who bought a car on credit while still in debt.
I ended up marrying a guy that has about the same amount of debt as I do. My BF and I just had this discussion last night. When you see that cute guy or girl in the city or about town, their phone number might not be the only digits of interest. However, I am way more concerned about their whole philosophy with regards to finances and earning money.
Do they file their taxes on time? I figure the overall picture is more important because I wouldnt want to end up with a cyclical debtor who racks it up, pays it off, then racks it up then pays it off ad nauseum…. His concern was keeping up that lifestyle and my concern was trying to keep it all under control.
Now, I have no husband and about 40K in debt for almost nothing. A hard lesson learnt but not one I will forget easily. The same goes with someone who is sinking further and further into debt, with no plan to get themselves out of that mess. Money is a tricky subject, especially when it comes to relationships.
Depends on the amount of debt, type of debt, and their plan to pay it off. I guess if he had a plan in place to aggressively pay off the debt? My ideal partner would already be on the same page as me financially — but that being said, stranger things have happened.
If you're dating these days, you're very likely to meet some folks who are dealing with One in five Americans say they have more credit card debt than I OK being in a relationship with someone who has accumulated debt?. Over 30 percent of Americans report that credit card debt is a critical factor when deciding to date someone or not, for example, according to a.
I never said I would date a student again, but then I met Nic. Are meal kit services worth it? We are moving again! Would you ever date someone who had debt? The Norwegian Girl says: April 9, at 2: The Norwegian Boy says: March 13, at 8: