Debt can be a source of stress in any relationship and a catalyst for breaking up. According to USA Daily News, almost 50% of Americans believe debt to be a significant contributing factor to breaking up, including divorce. However, it is crucial to note that debt alone isn't a reason for separating.
But just as you're dealing with the breakup comes a big shock! The bank demands you pay all of the home loan, and your ex-partner's creditors demand payment from you for outstanding amounts on the car and appliances they bought. Debt can not only destroy a relationship, it can leave you more indebted when you break up.
Close to two-thirds (38%) of men say won't date someone if they're in debt, compared to 36% of women. At 44%, credit card debt was the biggest bugaboo for men, while more than half of women surveyed (57%) owing money to friends or family is a romantic deal-breaker.
According to a Wealth of Geeks and Credit.com study, nearly a quarter of all couples break up over finances. It's an even more significant issue for couples between the ages of 35 and 49 (30%), with 28% of those ages 25-34 ending relationships because of money conflicts.
If you've ever wondered who the dumper in the average US long term couple is, breakup statistics say that women are more likely to call it quits than men. 76% of women said that they had ended the relationship, just like 62% of men. Women might end things more often, but they also feel more pain after.
Studies have shown that relationships generally end within 3 to 5 months from the day they begin.
The most common reasons people break up usually involve a lack of emotional intimacy, sexual incompatibility, differences in life goals, and poor communication and conflict resolution skills. There are no wrong or good reasons to break up.
Money arguments are the second leading cause of divorce, behind infidelity. High levels of debt and poor communication lead to stress and anxiety when it comes to finances. Nearly half of couples with $50,000 or more in debt say money is their top reason for arguing. Nearly 2/3 of all marriages start in debt.
Money destroys relationships because people can't compete with money. Money, after all, doesn't disappoint you, or express disappointment with you. It's not that money is inherently bad or evil, but it's not inherently good or righteous either. Money is simply a neutral tool that can be used well or poorly.
Flaunting their wealth. If someone is showy with their money, it could stem from insecurity. They might also be spending beyond their means. "Lavish spending is a big red flag when they're clearly spending more than their income allows," said Sarah Schweisthal, a personal finance pro at YNAB.
Toxic debt is debt that has little chance of being paid back, in part or in full, or other types of debt which have a low chance of being repaid with interest. Toxic debt creates challenges for creditors including lenders, who may be faced with having to write the debt off either in part or whole as a loss.
A debt trap means a trap that occurs when a borrower is compelled to take out more loans in order to pay off previous ones. In essence, a debt trap happens when financial responsibilities outweigh a person's ability to repay loans.
A person can still be a great spouse even with a bad credit report. But it does mean that your marriage might come with certain challenges, such as not having as much income to spend or having a harder time meeting your other financial goals.
Overwhelming debt can result in stress and depression and has been linked to increased suicide rates. Money issues have also been linked to relationship instability, so both your sense of physical and emotional security can be at risk when debt is a constant presence in your life.
Toxic relationships with money are typically associated with big or frequent spenders. However, this is not always the case. Overanalysing what you spend each month, along with the habits of those around you, could be a sign that you are fearful of spending.
Money is widely known as one of the leading causes of divorce in America. It's estimated that financial problems contribute to 20-40% of all divorces. That means that for every 10 marriages that end in divorce, four of them are because of money.
Rage, disrespect, and emotional stonewalling may not be relationship-ending in and of themselves, but continuing patterns can wear people down. An inability or unwillingness to respect your partner's thoughts, beliefs, and feelings can destroy the trust and intimacy in any relationship.
Contemptuous behavior includes things like eye-rolling, sarcasm, and name-calling. These behaviors can land you permanently on the side of contempt — it is the single most corrosive behavior in a couple's relationship and the number one predictor of divorce.
Studies have shown that couples who have similar spending habits, savings goals, and attitudes towards money are more likely to have a successful long-term relationship. By understanding each other's financial habits and priorities, couples can work together to achieve their goals and avoid financial conflicts.
Whether accepted or not, there is one fact that cannot be disputed. And that is that women initiate divorce more often than men on average. Numerous studies have shown this. In fact, nearly 70 percent of divorces are initiated by women.
March Is the Most Common Time for Couples To Split — Here's the Best Way To Do It Amicably.
dumped. December might be a time for joy and goodwill – but it's also the most popular time for couples to break up.