Debt is the No 1 Deal Breaker
From Tesh.com
Debt Is The Number One Deal Breaker for Couples
Are you in a relationship? Then, you’ll want to know the number one deal breaker for today’s couples: it’s debt. According to Yahoo Finance, more and more couples are breaking up because of it. The average person has $8,000 in credit card debt, plus $20,000 in student loans. Even though we’ve never been more maxed out, couples are discovering that breaking the bank means breaking up.
For example, when Allison Eastman told her fiancé that she owed close to $200,000 in student loans, he broke off their engagement within three days. She was devastated, and says it never occurred to her that debt could be a deal breaker, something as serious as discovering your partner doesn’t want children or is a drug addict. That’s because debt carries more than hefty interest rates; it raises tricky questions.
For example, if your partner brings massive debt to a relationship, and they lose their job, are you on the hook to repay it? If you pool your resources and start making monthly payments on their debt, will you start resenting them over time? So, if you’re the one in debt, when should you break the news to your significant other?
Divorce lawyer Susan Reach Winters suggests by the 10th date, because breaking the news that you’re in debt is as serious as telling them you have a chronic disease. That’s because it affects every financial decision, from buying a home, to financing a car, to having children. If you’d like to find ways to get a handle on your debt, try the website NationalFoundationforCreditCounseling.org.
There is good debt and bad debt. Having a mortgage or student loan you can manage paying off monthly is not a huge concern in my opinion. As long as the person is actually doing something within that field of study, and getting a return on their investment. A home is a huge investment and builds equity–even in our present economy with home prices taking a hit. If a home is purchased at the right time, it is always better to own than to rent. Not everyone has wealthy parents who pay our ways through life by buying us cars, homes and an education! If a person has substantial debt and it’s due to shopping, or gambling, then I would understand reconsidering a serious engagement with them. It all comes down to managing one’s life and finances and within their means.
I need more info on Allison to make a determination. Is she going to medical school or law school? Or is she a perpetual student going for her Ph.D in psychology because she doesn’t really want to work?