Debt Could Put a Damper on Romance - Other News

Advertising Disclosure

Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from many credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. Credit-Land.com has not reviewed all available credit card offers in the marketplace.

Credit Card Applications » News » Other » Debt Could Put a Damper on Romance

Debt Could Put a Damper on Romance

Add to Favorites:
Debt Could Put a Damper on Romance
August
18

Does credit health factor into romance? The answer is yes, according to the new Chase Slate 2017 Credit Outlook survey. Carrying a lot of debt could be a deal breaker for some people, with 37% saying that it could make them think less of a partner.

Credit is a factor in everything from being approved for a credit card to getting a mortgage, and having the money talk can be an important part of a relationship, but when do you bring it up?
The study found that having the talk later in the relationship rather than sooner, was a trend, with 34% of people waiting until things took a serious turn to bring it up. Very few people wanted to have the money talk on their first date. Yet, here men are more willing to give it a try than women, with just 1% of women willing to have that talk on the first date, while 15% of men are up for it.

Commitment seems to be one of the key components to having a healthy relationship and good credit health, according to Chase. “Credit health and relationships share at least one thing in common – both require commitment,” said Farnoosh Torabi, a personal finance expert, and Chase Slate Financial Education Ambassador.

“Before taking the next big step with a potential partner, have a conversation about credit. If you discover that one of you has less than stellar credit, but you are both committed to improvement, then you can begin working together to raise your partner’s score by paying monthly bills on time or prioritizing debt reduction,” said Torabi.

Credit scores and the talk

Knowing your partner’s credit score can be part of having the financial talk, but it can be hard for some to share this information. But not for Millennials, who according to the study are more likely to know their partner’s scores, with 58% of married Millennials reporting that they know their partner’s score. They have outdone their older counterparts, with just 44% of Gen Xers and 38% of Boomers, who are married, knowing their partners’ credit score.

The Chase Slate 2017 Credit Outlook was carried out by Socratic Research, an independent research company, between March 15 and April 3..The survey took place online, and included 1,000 people aged 18 and older.

All credit cards terms, fees and rates mentioned in this article/post are actual on the posting date. See the current products’ Terms & Conditions on the issuing banks' websites.
Add to Favorites:

Related News:

Millennials Getting Serious About Their Future
Millennials Getting Serious About Their Future

Posted: July 25, 2017

For many buying a home is part of the American dream, and Millennials are onboard, according to a new study by Chase. They found that for 33% of Millennials buying a new home is on their agenda over the next four to five years, while 24%... Continue reading
Checking Credit Scores May Improve Financial Health
Checking Credit Scores May Improve Financial Health

Posted: June 27, 2017

If you have been wondering if you should check your credit score more than once a year, according to a new study by Discover, the answer is yes. The study found that 70% of people, who checked their score on a monthly basis, or even more... Continue reading
Chase Rolls Out New Mobile Bank
Chase Rolls Out New Mobile Bank

Posted: November 09, 2017

Chase is taking banking to a new level with the rollout of Finn by Chase, a new all-mobile bank, which lets people do all their traditional checking and savings transactions via an app in their mobile device, while also providing tools... Continue reading
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.
We'll match all the Miles you've earned at the end of your first year. For example, if you earn 30,000 Miles, you get 60,000 Miles.
For Excellent, Good Credit
INTRO OFFER: Discover will match ALL the cash back earned at the end of your first year, automatically.
For Excellent, Good Credit
Our application is quick and easy with instant pre-qualification available
For Fair / Good Credit