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Tuesday, September 25, 2012

Can a Debt Be a Reason For a Break Up?




However, there are some kinds of debt that, while they may not necessarily be good, they are acceptable. For instance, the debt you have on your car that you pay off each month, or the money you owe on your house that is always set aside and paid on time. That is not bad debt.

But when you find yourself in the red because you took one too many vacations, or went with that sleek, new convertible instead of the older, but perfectly functional car next to it, you are creating bad debt. One of these debts is bad enough to have, but especially when you have a number of these frivolous expenditures, your financial circumstances can become dicey, really quick.


Debts take lots of time and hard work to pay off. Constantly having to readjust your budget and make sure you do not happen to fall behind on any of your bills takes its toll. Debt is a great big headache. In fact some people actually get depression from the amount of debt they create. Others have even committed suicide.
So it comes as no surprise that debt could lead to the end of a relationship. It makes perfect sense. But not all people are eager to admit it.

One credit monitoring service, MyCallcredit discovered that the Britons it included in its survey were becoming increasingly comfortable with having a large amount of debt.

MyCallcredit found that most people are open with their partner in terms of their finances. Data also suggested that people are honest with their finances. Of those surveyed:

1. Two thirds claimed to tell their partner everything
2. One in seven kept their finances under wraps completely
3. Only ten admitted to lying to their partners about their finances

But this survey was conducted back in Britain back in 2006. That was years away from the current economic climate that is uncertain at best. How do people involved in relationships feel about debt now?
A problem that is becoming prevalent, now, is that couples are not willing to talk about their finances. Even after they have tied the knot, some wedded people won't discuss their finance. It sounds absolutely crazy, but some husbands refuse to share accounts with their wives, or vice versa.
Of course, who knows how many people have gotten a divorce because their spouse spent all of their savings and then some. While most people don't like to admit that money plays a significant role in their lives, it does.

You need money to buy the things you need to live. And when someone discovers that their spouse has fallen off of the financial responsibility wagon, they can have a hard time forgiving them. Not only will the couple be in a jeopardized economic position, but their relationship of trust will be compromised as a result, as well.

While some couples can probably deal with debt just fine, the vast majority of people find debt to be a perfectly sane reason to split from their partner.

This article was written by Katlyn Renner, an economist and Massachusetts resident with an interest in the banking sector. Katlyn believes strongly that banking with a local Massachusetts Bank will help our economy and give you the best personal financial options, including a basic Checking Account.

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