What Your Partners Finances Can Do to You

What Your Partner’s Finances Can Do to You

People who are blindly in love can ignore one of the most important necessities of life: finances. While it is believed that true love is nestled several rungs above money, things can get haywire once life’s other priorities start to set in.

Couples are encouraged to talk about money matters very early in their relationship. Everybody should realize that their partner’s financial status can reflect upon them as well. This holds true regardless if you’re getting married, are moving in with each other, or are just there to enjoy the ride. Coming out clean about financial matters is a very crucial decision.

In a recent survey on 500 British men and women, it was discovered that 36.8% of the respondents didn’t even realize that living with somebody who had gone through financial distress could lead to a series of financial problems for them too. Once the banks have made the connection, they would have no other choice but to turn down your application for a mortgage, decline a loan, or refuse a bank account application. If ever banks decide to approve your request, they may bestow a higher interest rate on your account. This is applicable on new credit cards, individual mortgages, and personal loans. The worst case scenario is that you could lose your home in the process of credit repair.

The results of the survey proves to be real, as 33% of the respondents admitted to encountering one or more ‘nasty surprises’ about their partner’s financial affairs. Because they chose not to talk about it early on in the relationship, it was too late when they found out about their partner’s debt to pay, bank defaults, overdrafts, unemployment record, or worse, bankruptcy declaration.

The importance of knowing more about your partner’s financial standing need not be stressed enough. And this has to be done way before deciding on a lifetime commitment. Those who failed to do so almost always end up in the room of a marriage counseling expert, trying to work things out. And if even that proves to be futile, separation come next. It is time to realize that finances have long been regarded as the common reason why argument arises. It is true that after the rosy love affair, the scarlet realities of life come in.

Every serious relationship entails honesty and acceptance. You may not realize it, but sometime, it is easier for couples to repair each other’s credit score if they do it together. It is just a matter of working things right. Starting the relationship on a good foot, at least financial-wise, prevents all the nasty surprises. And just maybe, true love may withstand even the lowest credit rating of all.

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2 Responses to What Your Partners Finances Can Do to You

  1. […] @ Finance Inspired writes What Your Partners Finances Can Do to You – What Your Partner’s Finances Can Do to You People who are blindly in love can ignore one […]

  2. […] @ Wild About Finance writes What Your Partners Finances Can Do to You – What Your Partner’s Finances Can Do to You People who are blindly in love can ignore one […]

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