Dating someone with lots of debt
Also known as credit score, this is evaluated on the basis of an individual’s history of borrowing money and repaying debts.
If he/she has defaulted on repayments, his/her credit rating goes down and the person is said to have “bad credit”.
Even common debt issues like student loans are turnoffs: 61% of Americans say they would be somewhat or very concerned about dating someone with even an average amount of student debt (roughly ,000 or more).
That’s not good news for thousands who graduate with student loan debt each year: the average 2016 grad who took on debt owed about ,000. 1 financial turnoff, according to Go Banking data released this month.
If you continue to make regular debt repayments, there is no reason why your credit score should suffer.
However the danger lies in entering into joint financial agreements with a partner who has a poor credit rating.
So here are the facts about marrying someone with bad credit and what you can do about it.
First of all it is necessary to understand what a bad credit means.
And a separate study from Credit found that more than half of people would break-up with someone if they found out they had misrepresented their ability to pay routine bills. He said that I misrepresented my finances,” Theresa, who asked that we withhold her last name, told Moneyish about her ex. Spending too much is right behind keeping financial secrets as a big turnoff — with 33% of respondents saying this is their biggest financial no-no.But then why someone else’s bad credit should be a problem for you?The answer lies in the fact that once you get married to this person, knowingly or otherwise, you often end up having tied your fortunes to his/hers.And even when your application is approved, the repayment terms may be far stricter and more expensive than it would have been had you jointly applied for the loan with a person with better credit rating.An even greater danger in marrying someone with a bad credit is that you may stand to lose your own financial assets.
Apart from the actual monetary complications that a spouse with bad credit might bring into your own financial affairs, it can also pose dangers for comfortable married life.