There are many things a person could be concerned about when it comes to their significant other. This includes how much credit card debt their partner has and how they act when it comes to such debt.
Their significant other’s credit-card-related conduct could have major ramifications for a person. For one, it could impact what financial stress there is within the relationship, given the high interest rates that credit card debt can carry. Also, how a person acts regarding credit card debt could reflect how they act in other important matters within a relationship, such as matters regarding children and will of course be a factor in determining a person’s trustworthiness as well as credit worthiness.
A recent survey here in the U.S. indicates that many people think about credit card debt when choosing with whom to have a relationship.
In the survey, individuals were asked what things were major factors for them when deciding whom to date. Over 30 percent of the surveyed persons indicated that a person’s credit card debt was one such factor. This far exceeds how many identified student loan debt as such a factor (around 12 percent).
This underscores how prominent of a role credit-card-debt-related concerns can have for a person when it comes to relationships. Given the major impacts credit card debt can have, such debt can also be an important issue to give thought to when a major shift happens within a relationship: This includes:
- When a couple gets married. A marriage typically involves the merging of two financial households into one. So, a person can be greatly impacted by what level of credit card debt their spouse brings into the marriage. Credit card debt is one of the many financial issues a couple may want to have a detailed and honest discussion about prior to tying the knot. Also, if a person has major concerns about large amounts of debt their significant other is bringing into an upcoming marriage, they may want to have a discussion with an experienced Board-certified expert family law attorney about whether a prenuptial agreement might be able to help them put some protections in place regarding these concerns before the marriage, or whether a postnuptial agreement can be signed after a marriage but before the next divorce.
- When a couple gets divorced. When a marriage ends through divorce, how the couple’s debt, including credit card debt, is handled in the divorce can have major implications for the futures of both spouses. So, when navigating debt division issues in a divorce, including those regarding credit card debt, having quality legal help from an experienced Board-Certified family law expert can be critical.
Source: CNBC, “30 percent of Americans wouldn’t date someone with this money problem,” Emmie Martin, Oct. 26, 2017