ExecutiveChronicles | How Debt Impacts Relationships and What To Do About It | For a lot of couples, money can make or break a relationship. Approximately 80 percent of divorced couples cited financial problems as one of their main reasons for splitting up. Financial stress can take a toll on any individual, but feelings of stress can potentially be exacerbated when it involves two sets of finances. Some couples don’t share the same goals or spending habits, while others acquire debt. Sometimes, it delays the event of marriage because an individual would have to take on their partner’s debt as their own. Debt is a barrier to a couple’s growth. Keep reading about how debt impacts relationships and what to do about it below.
Debt can prevent couples from reaching their life goals.
Whether getting married, buying a home, or having children, debt can delay your life goals. If you and your partner are struggling with debt relief, the resolution specialists at Citizens Debt Relief can help. They assist couples with tackling their financial struggles by suggesting best practices, repayment plans, and other credit counseling options. They’ll work with you on debt consolidation, how to make timely monthly payments, or even how to file for bankruptcy. Learn more about debt settlement from their experts and, together, you and your partner can improve your credit scores and credit reports. Don’t let financial struggle dictate what you want to achieve together.
Spending habits can cause strain in the relationship.
Have you and your partner discussed your spending habits? Are you communicating each other’s goals when it comes to finances? If the debt is causing disagreements between you and your partner, you may want to consider couples counseling. Use a search engine and type in, “couples counseling near me.” Couples and marriage counseling can help you and your partner work on communication skills and conflict resolution. Perhaps you’re experiencing relationship issues because you don’t agree with their behavior regarding spending, or maybe your debt has caused a rift between the two of you. The Baltimore Therapy Group can help you with relationship problems like fighting, misunderstandings, poor communication, emotional disconnection, difficulty dividing responsibilities, and more. It’s a great way to start communicating effectively when there’s a strain on your relationship due to debt.
Couples with debt may struggle with financial infidelity.
Financial infidelity involves lying about excessive expenditures or going behind your partner’s back about the use of money. This can also include lying about existing debt or the amount of debt you may have. If you’re looking to identify this behavior in your partner, you may want to look for signs such as changed passwords, a change of status on joint accounts, or the unwillingness to discuss finances. You and your partner must be open about money, especially if you’re married and share accounts. Talk about your goals, evaluate and review expenses together, and seek out a financial professional to tackle debt.
Tightening the belt can impact the overall quality of life.
When you’re in debt, you might be tightening the belt to pay off student loans or several lines of credit. This can prevent you from enjoying activities that require money, like traveling, going on vacation, eating out at restaurants, or attending events. Paying off debt isn’t a glamorous process. It can cause emotions to run high and stress to increase because you’re both living on a tight budget. You may even resent your partner for these limitations. Seeking out options for relieving debt sooner rather than later is the best way to tackle this issue.
If you and your partner are experiencing relationship issues and looking for debt relief solutions, this page has offered several ways to improve your quality of life.