Honesty is the best policy — especially where your finances are concerned. CreditCards.com just ran a survery regarding debt and the impact it has on relationships, and it’s no surprise that different ideas about money, spending and credit are some of the biggest obstacles for couples.
The key takeaway from this is how important it is to be on the same page (and be honest!) with a partner when it comes to how you deal with finances, debt and spending. Don’t wait until after the wedding to talk about this. I know couples who constantly argue because they have completely different attitudes about money. One partner hates having any debt and is extremely frugal. The other is much more lax, likes to have fun, go shopping, and isn’t overly concerned about saving every penny for retirement. Needless to say, they butt heads and the issue comes up a lot. Like weekly. It’s nice to see that over 60% of men and women believe that similar attitudes towards money management is a must for a successful relationship. Here’s what else they revealed:
Aside from infidelity and criminal behavior (!), hiding debt or lying about how much debt you have are absolute dealbreakers for most people. This seems like stating the obvious, but it is a great reminder to be upfront about who you are from the very beginning of a relationship. Lots of people have debt. They will understand if you have had financial struggles. What is not forgivable is lying about it.