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Debt management can negatively impact personal relationships
Being in a relationship can be an exhilarating experience, when the world seems full of possibility. For many people, the relationship reaches a point where the focus tends to turn toward long-term compatibility. Financial management is a critical area of concern, as differing approaches can lead to conflict and strife in a relationship. This is an area where debt management can either make or break a relationship for Tennessee residents.
One study took a look at how people approach student debt and relationships. Among 1,000 respondents, 75 percent stated that student loan debt represents “baggage” in a relationship. In fact, high levels of debt were viewed as more of a concern than a past divorce, a child or a nonviolent felony conviction.
Some tips were offered to help people determine if high debt should be a cause for concern in a new relationship. Among the warning signs was a lack of concern over high debt, no remorse over excessive borrowing, no change in financial management and no clear plan to get out of debt. All of those warning signs share the same basic problem; a lack of concern over how to move beyond serious debt and back toward financial stability.
That is not to say that someone with heavy debt is a bad bet when it comes to a relationship. However, it is important to address debt management in a sincere and aggressive manner. Doing so sends the message that the debt is being taken seriously, and is a temporary condition that can be overcome. That type of tenacity and dedication is incredibly appealing, and can help Tennessee residents overcome relationship obstacles based on high levels of debt.
Source: journalnow.com, “Is debt a deal breaker when dating? Four signs that it is“, Michelle Singletary, Aug. 13, 2017
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608 Mabry Hood Road, Suite 202
Knoxville, Tennessee 37932
William E. Maddox, Jr. LLC, Attorney at Law is located in Knoxville, TN and serves clients in and around Knoxville, Oak Ridge, Louisville and Anderson County.
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