Is credit card debt getting in the way of new relationships? According to a further study, Millennials seem to be ghosting dates with credit card debt. It is a famous deal breaker in today’s dating scene across different generations. Here’s more on the survey findings discussing couples and their financial deal breakers.
Financial Deal Breakers and Relationships
In a recent study done by the Western & Southern Financial Group, the findings give insight into financial deal breakers in relationships. Looking for a special someone can include looking at factors like family values, beliefs, life goals, and more. However, finances are not out of the question. In fact, according to the survey, among the different generations lies a series of financial deal breakers for relationships.
For example, credit card debt is deemed a dating deal breaker for Millennials (born 1981-1996). According to the survey, Millennials saw credit card debt as the biggest red flag when it comes to dating. On the other hand, baby boomers (born 1955-1964) and Gen Xers (born 1965-1980) felt personal loans are their biggest turn-off in building relationships. Finally, Gen Zers (born 1997-2004) reflect they will not put up with financially illiterate partners. Furthermore, Student loans weren’t a top deal breaker for any generation surveyed. Although the average student loan borrower owes $28,950, survey participants considered a lesser amount a financial deal breaker in their relationships.
Millennial Dating and the Credit Card Debt
So, why is credit card debt such a burden among Millennials looking for dating prospects? It might be due to negative character traits often associated with credit card debt, said Nashira Lynton, an AFC accredited financial counselor in a CNBC.com article.
“Someone with high credit card debt could be working on a plan to get out of it,” Lynton said. “But if they are continuing to buy items they cannot afford or do not need, leading them to accumulate additional debt, this could be a pattern that could affect the relationship.” Source.
Lynton goes on to explain that the only way to tackle the issue of credit card debt as a couple is to communicate concerns regarding the debt in conjunction with monitoring the person’s displayed behavior. If a potential partner reveals they have credit card debt, do not panic right away. They might still have a shot. “Someone with high credit card debt could be working on a plan to get out of it,” Lynton said. “But if they are continuing to buy items they cannot afford or do not need, leading them to accumulate additional debt, this could be a pattern that could affect the relationship.”
Other Survey Findings
The survey reveals other surprising findings. As important as finances are in the dating scene, an astonishing 63.6% of Americans surveyed have never discussed debt with their spouse. This means only 36.4% of survey participants had a very important discussion about debt before tying the knot.
Moreover, the survey finds that when it comes to finances, couples with joint bank accounts are most likely to argue about spending habits. More than half of the couples with joint bank accounts said most of their fights are related to spending. The women in the survey also expressed they rather have their own money set aside, instead of arguing about it. However, couples most frequently argued about salary, savings goals, and strategies.
Related Article: Americans Saving Less & Buried in Credit Card Debt