Just in time for Valentine’s Day, a new survey says most people wouldn’t end a relationship if their significant other was more than $10,000 in debt. But most also said they would not help pay off that debt.
The Chase Blueprint Valentine’s Day Survey asked people how they would respond if their partner told them they had $10,000 or more of credit card or other types of debt. Only 6% said they would break up with their partner – or even consider breaking up. Nearly three-quarters (74%) said they would have a talk with their loved one before resorting to that.
Most partners said they would not help pay down that debt though. Responses varied along gender lines. Men were more likely to want to help their partner pay off debt with 18% of them offering to help, while only 8% of women said the same. Women were slightly more likely than men to want to talk about debt – 78% of women wanted to talk, versus 70% of men.
Money talk should happen early
As far as when couples should discuss financial matters, 65% of people surveyed said the money talk should happen within the first three months of a relationship. Another 30% think sooner is better, saying that money should be a topic of discussion right off the bat on day one. More men than women wanted to talk finances up front, with 37% of men and only 24% of women saying that money should be discussed from at the very start of a new romance.
Although 94% of those surveyed said that financial compatibility is vital to the health of a relationship, 62% said they thought that achieving harmonious spending habits is difficult or impossible. Nearly half of the respondents (47%) said being in a relationship makes it difficult to manage their finances.
Single people think relationships complicate financial matters even more, with 57% saying that if they were involved with someone it would be harder to manage their money.
Valentine’s Day: Good time to talk money
Valentine’s Day is a good chance to have that talk. Couples should take the opportunity to discuss their finances if they haven’t already, since financial disagreements are one of the biggest reasons relationships fail. Chances are that confessing you are in debt won’t cause your partner to run the other way.
The Chase Blueprint Valentine’s Day Survey was conducted from January 2 to 8 by Research Now. Respondents consisted of a representative sample of 1,212 Americans over 18.
