When it comes to dating and marriage, finances can be a deal-breaker. Poor financial management can seriously damage a relationship. When a person struggles with credit card debt, it can lead to other partners finding him or her undesirable.
Fortunately, there are ways to get out of credit card debt and other types of debt. The most undesirable types of debt include credit cards, payday loans and student loans. CNBC explains how debt affects relationships.
What is the average debt?
Most consumers have around 6,000 dollars in credit card debt. For some, this may be manageable. If they have a repayment strategy, they can tackle their debt with little to no stress. However, when someone struggles to pay off the debt but continues to utilize credit cards, it can turn others off a relationship. Fortunately, those who have about the average credit card debt, they do not have to worry as much about their relationship. Higher than that, however, they not only have to worry about their financial situation but their romantic situation.
When is debt undesirable?
In a relationship, the most undesirable type of debt is credit card debt. While many Americans struggle with debts, those with debts that exceed 11,000 dollars are by far the most at risk of losing a romantic partner due to the money that they owe. Almost half of all people with credit cards have a balance every month. Money and financial issues can cause a lot of fighting within a relationship. If a person cannot foreseeably pay off his or her debt, it can damage the relationship further.