“Money problems” is a top ten reason why people get divorced in the U.S.
This is why just about everyone recommends that prior to getting hitched, you have the “money talk” with your partner. When is the best time to start talking money with the person you are dating?
Obviously not on the first date. I’d stay away from an exclusive relationship with someone until I knew enough about their finances. Financial baggage can be a huge burden on a relationship. If you’ve become emotionally vested, finding out your partner has poor credit or is in serious debt will make you think: Is it worth sticking it out?
Here’s my advice. If you are still dating but are not yet a couple, and you discover that your potential boyfriend has both bad credit and is heavily indebted, get the hell out of Dodge! Do yourself a favor and follow Tina Turner’s motto: What’s love got to do with it?
Consider playing out the scenario. Are you really going to marry this person with all of their financial problems and place your own financial future in peril? Chances are that you will not. You’ll get tired of paying for things, covering expenses, taking out the loans in your name, etc. So end the relationship sooner than later.
So here’s, financial dating advice:
- Don’t let love chemistry get in the way of your future financial plans.
- Start probing for the financial health of the guy you are dating as soon as possible. Be clever about it.
- Break off the dating prior to being exclusive if you discover your potential guy is highly indebted and has bad credit. Give them points if they are budget conscious, even if they live at home with parents.
If you should be stuck in a bad financial relationship already, be assertive and break it off if your partner has enough debt to cover the entire mortgage on a house. Unless of course they’re in Med school or will be in a traditionally well-paid and in-demand career.
If it’s just a credit issue, help your partner get out of it. Secured credit cards are a great way of doing this.
