Americans Say High Credit Card Debt Is a Relationship Deal Breaker
According to the Chase Slate 2017 Credit Outlook, credit card debt has a big impact on how Americans view their relationships. 37% of survey participants said high debt on a credit card is a potential deal-breaker in a relationship, and 34% said finances should be discussed when a couple starts to get serious.
This data aligns with a separate study from Elevate’s Center for the Middle Class, conducted earlier this year. That survey showed Americans with credit scores under 700 are 45% more likely to be divorced and 24% less likely to be married than those with high credit scores. Subprime credit score holders are 1.5 times more likely to have “significant stress” due to their finances, which could cause relationship conflicts.
Men are more likely to discuss their finances than women. 15% of men in the Chase study said they talked about money matters such as income, debt and savings on the first date. Only 1% of women opened up about their finances during their first encounter.
Younger adults are more knowledgeable about their partner’s credit than older adults. 58% of married Millennials know their partner’s credit score, compared to 44% of married Gen Xers and 38% of married Baby Boomers.