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Many people postpone marriage because they do not want to shoulder debt for their partner, 54% say debt is the main reason to consider divorce

According to a SunTrust Bank survey conducted online by Harris Poll, 35% attributed the stress they experience in their relationships to financial problems. Often, the financial conflict of many couples is debt.

Debt can keep you from enjoying life as a couple. More than that, this can cause you to delay in achieving various goals. In fact, recent studies from National Debt Relief report that 38% of couples miss out on dates or travel together when in debt.

Many people postpone marriage because they don't want to carry debt for their partner, 54% say debt is the main reason to consider divorce - Photo 1.

According to this study, people have such strong negative feelings about debt that 3 out of 5 Americans have considered putting off marriage to avoid incurring debt from their spouse. And what’s more is that 54% of respondents believe that a spouse’s debt is the main reason to consider divorce.

“Debt can cause conflict and friction in a relationship, but the main reason is because of communication and how each person views their debt.” Regine Muradian, Psychologist and Member of the National Debt Reduction Financial Health Management Council.

Here’s how debt can affect your marriage.

1. Disagreement over how to spend money

Large debts can lead to disagreements over how to spend money. For example, the spouse wants to devoting all resources to debt relief, while you want to divide that money to invest in securities and pay off debt. Different goals for debt, budget, and spending can leave couples arguing, feeling stuck when they can’t control how they want to spend their money.

And these disagreements can linger if high interest charges make you feel as though you’ll never pay off your debt. On the other hand, if you don’t have more debt, you can spend more money on other goals, like saving to buy a home, investing, or taking more vacations together each year.

Many people postpone marriage because they don't want to carry debt for their partner, 54% say debt is the main reason to consider divorce - Photo 2.

2. Dishonest in finances and keeping spending secret

Financial dishonesty is when you and your spouse intentionally do not tell the truth regarding money. A survey from US News & World Report found that the biggest money-related lies in relationships were shopping secrets (31.4%), hiding debts (28.7%). and dishonest about income (22.6%).

People who are constantly stressed with high-interest debt tend to hide any additional debt – or lie about their true balance – to avoid embarrassment and relieve some of the stress on their friends. his life. In fact, TD Bank’s 2019 Love and Money survey found that 43% of respondents hide credit card debt from spouse.

Furthermore, debts may make one or both spouses feel the need to hide some expenditures. For example, coffee times with friends or, or shopping for yourself – to avoid disappointing your spouse.

3. Feeling ashamed of being in debt

Some argue that debt can be a powerful motivator to help you achieve your financial goals. But most people tend to feel embarrassed or self-conscious about being in debt. A NerdWallet survey found that 87% of respondents would be embarrassed by credit card debt.

There are many reasons for this. For one person, debt has become associated with an image of overspending and a lack of personal financial responsibility. In addition, a high amount of debt can lead to feelings of isolation. According to the American Bankruptcy Institute, debtors may avoid contact with friends or family because they feel like they don’t have the financial resources to go out or participate in an activity.

Many people postpone marriage because they do not want to carry debt for their partner, 54% claim that debt is the main reason to consider divorce - Photo 3.

Indebted couples may also feel isolated from friends and family members if high debt levels force them to limit their spending. Ultimately, this can lead to one or both people feeling hopeless, depressed, and even as if they are alone on this journey.

Dr. Muradian explains: “Debt can have a direct impact on a person, particularly causing depression-like feelings, such as low self-esteem, feelings of hopelessness and shame. Without talks about these issues, their marriage will be affected.”

Photo: Synthesis

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