I have discussed in the past about how debt can have a huge negative impact on so many areas of your life. There is one that needs to be talked about a little more in depth though. How debt can affect your relationships.
If you have a significant other, you or your partner may have a tendency to overspend or splurge on items, or go on unscheduled shopping trips and bring home hundreds of dollars worth of merchandise, likely paid for by a credit card. The hazard in doing this is that if you accrue too high of a balance on the credit cards, it is unlikely that they will get paid back in a timely manner. This can be a real strain on your relationship with one another causing strife and stress on how to pay the bills.
It’s important to sit down and talk with the person you are in a relationship with to talk about how one or both of you need to change your spending habits and how to tackle your debt problem head on. It is important to stick together and stand united with one another so that you can both resolve the problem together, versus one or the other. It is also important not to assign blame to one another, or saying that it’s their fault for putting you in this predicament. Remember, you vowed to be together “Till death do you part.” So, it is important for you to both realize that each of you are equally responsible.
Being truthful is an important part of taking care of finances together. Both people in the relationship need to learn the importance of telling each other the truth when it comes to spending the family money. If one is going shopping, they should set a budget, and not go over it. If they do however, it is important to let the other know that they did.
Just because debt may have caused a rift in your relationship, it doesn't have to be totally over. By following these steps, your relationships can be salvaged!