How Debt Can Affect Your Relationship

More people nowadays find it difficult to escape the pressure of debt. Today’s average household has almost $7,000 in revolving debt. Add to that the high interest rates that keep on mounting up, many find it extremely challenging to make payments.

This, then, makes most people feel stressed and irritable, which reflects in their relationship with loved ones. The stress that you experience affects the people around you. The negative emotions that you feel, meanwhile, can cause you to be short-tempered when dealing with others. Even worse, it can cause you to say hurtful things that are out of your character.

Your loved ones might be understanding of your situation, especially if they are aware of your financial woes. They know that your frustrations are only misdirected and are not about them at all. However, children, in particular, do not have the maturity to understand your situation.

Your stress can affect your kids

Little do you know it, but kids can tell when things are not right. Children are naturally curious and observant on any changes to their environment. So, any change in your mood can affect them dramatically.

If you are short-tempered or irritated, they might think that it is about them and wonder what it is that they did wrong. They would not understand your financial situation or that you are heavily in debt. They will not be able to tell that you are worried about your future and that you are trying your best to solve it.

Financial stress can hurt your romantic relationship

Couple argue about moneyA couple can usually achieve anything that a single person mostly cannot. But if money is the source of your problem, then things might not end well. Although there are quite a few who are lucky to have partners who are reasonable when it comes to making financial decisions, there are a few who financially hurt their romantic partner unknowingly.

Some partners take out the debt that the other party is unaware of, which usually makes them liable for it. There are also people who file a claim for half their assets after they have separated.

So, it is best to gauge your relationship to see if whether having a joint account or a separate one is a sound move. Some experts would suggest that agreeing to have a joint statement for all the things that you pay as a couple is a great idea. It should include your rent, bills, food expenses, travel and even going out.

Another option is to have one credit card account with two separate cards. Doing so will give both of you equal footing when it comes to access to money. It is best to have an agreement about how much each of you can spend each month to ensure that all spending is in control.

Although it is difficult, properly managing your finances is the best way to get out of debt. You can also look for a licensed moneylender in Singapore to help you with paying off your existing debt.