Is your marriage experiencing problems and stress around money?You aren’t the only one.

According to a SunTrust Bank survey conducted online by Harris Poll, 35% of people blame finances for the stress they experience in their relationships — and, often, at the heart of many couples’ financial strife is debt.

Bad debts can make it difficult to prioritise the important things that you want as a couple. This can delay you from achieving your goals. According to recent research, National Debt ReliefReports show that 38% couples skip out on date nights and dating when they are in debt.

A majority of Americans feel such negative emotions about debt that they consider having their wedding postponed to stop inheriting. their partner’s debtAccording to the same survey, 54% of respondents believe that. 54% believe having a spouse who has debt is the main reason. consider divorce.

A psychologist Dr. Regine Muradadian explains that debt can create conflict in relationships, but communication is key to how each partner sees their debt. National Debt ReliefBoard member.

These are not encouraging signs, but couples have options when it comes time to reduce their debt. This article will show you how debt could affect your marriage and the steps that can be taken to reduce it.

Considerable amounts of debtThis can cause partners to disagree on the best way to spend their disposable income. For example, one partner might want to reduce debt aggressively and put more money towards the couple’s account. The other may be looking to spend their disposable income on travels. This can lead to partners feeling like money is not being used as they want, despite having different goals in terms of debt, spending and budgeting.

If these disputes persist, they can become more severe. high-interest chargesYou should feel that you will never pay your entire balance off. However, without additional debt you can put more of your money towards other goals. saving for a houseSpend more time together, whether you are investing in or going on vacation.

Financial infidelityThis is where a partner chooses to not tell the truth about money. Survey from U.S. News & World ReportAccording to the study, secretive buying (31.4%) and hiding debts (28%), are three of the most common money-related lies in relationships. Income dishonesty (22.6%) is also a top concern.

Partners who already feel the strain of high debt may feel inclined to hide any additional debt — or lie about their true debt balance — to avoid shame and alleviate some of the stress on their partner. Actually, TD Bank’s 2019 Love and Money surveyWe found out that 43% hide significant information. credit card debtFrom their partner.

Furthermore, stressful amounts of debt can make one or both partners feel like they need to hide some of their spending — like daily coffee runs or other purchases they really wanted — to avoid the disappointment of their spouse.

Although debt can help you achieve your goals, it is often a shameful or embarrassing tool. carrying debt. A NerdWallet survey87% of the respondents said they would not be proud to accept credit card debt.

Many reasons can explain this. One reason is that debt has been associated with negative images. overspendinga lack of responsibility when it comes down to personal finances. It has always been believed that debt is a sign of irresponsibility with money. The same principle applies to money. NerdWallet survey60% believe the easiest way to accumulate credit card debt is by using it. spend more than you can afford.

A high level of debt can also cause isolation. According to The American Bankruptcy InstituteDebt carriers might avoid socializing with their friends and family, as they may feel that they do not have enough money for a night out, or any other activity. High levels of debt can make married couples feel lonely if they have to restrict their spending. This could eventually lead to either one of the partners feeling helpless or depressed, and possibly even feel alone in this endeavor.

Dr. Muradian explained that debt can have a direct impact on a person. This includes depression-like emotions such as low motivation, feelings of helplessness or shame and feeling like there is no hope. If there are no discussions about these emotions, it will appear that the relationship is affected.

A partner with low debt or none can feel dissatisfied and bitter if they have too much debt. If a spouse has too much debt, they may feel resentful. spouse’s debtThis makes it feel as if the partner is making important sacrifices.

This is why it’s so important to recognize that marriage might make it easier for you to reach financial goals. However, your spouse should not be your primary plan B to get out of debt.

Dr. Muradian states that it is crucial to establish expectations and limits around financial debt prior to marriage in order for tensions, stress and disagreements to be prevented. For example, a person who is in debt must recognize that it’s their decision and not depend on the partner for this debt.  

Managing debt — especially larger amounts — can feel daunting and difficult but Dr. Muradian outlines a few impactful steps you can take to get things off to a strong start.

She says it is important that communication about how much money you are allowed to spend be open.

Avoid critiquing each other spending habitsDr. Muradian says that instead of focusing on individual solutions, it is better to work with others in finding them.” For a fantastic path to success, each person should be able to create their individual spending plan. Then they can merge it together.

Additionally, she believes it is important to establish clear, specific goals with your partner.

For example, you could say, “by this date, this money will be paid off by us creating monthly savings.” By doing this, your relationship will be bolstered by teamwork and support. “The couple will be motivated because they are achieving their goal to become debt-free together,” says Dr. Muradian.

You can also use many other tools to help pay off debt faster. Balance transfer cards allow you to transfer high interest credit card debt onto a new card and make interest-free payments for a set period of time — usually for at least six months and up to 21 months.

This introductory session will be held on 0% APR period, you can pay down your principal faster since you won’t accrue interest charges. There are no interest charges. Citi® Diamond Preferred® Card and the Citi Simplicity® Card offer an introductory 0% APR offer for 21 months on balance transfers (after, 13.74% to 23.74% variable APR on the Citi Diamond Preferred and 14.74% to 24.74% variable APR on the Citi Simplicity). All transfers must be completed in the first 4 monthsAnd there is a balance transfer fee for both cards, 5% of each balance transfer; $5 minimum.

If you are in multiple forms of debt personal loansIt can help you to be more productive consolidate your debtsOne simple monthly payment, at a lower rate of interest.

Let’s suppose you apply for a loan such as the LightStream Personal Loan or the SoFi Personal LoanThe lender will issue a loan amount to repay all of your outstanding debts. After that, the lender will send a fixed amount to each of your creditors. The interest and monthly payment are the responsibility of the individual loan. If managing multiple payments each month to different lenders seems overwhelming to you, then this may be easier.

It is important that each of the partners has a discussion about finances before they tie the knot.

Dr. Muradian states that couples should have conversations about debt and finances as well as other topics like starting families. Prior to getting married, it is important for couples to know whether their spouse has debt and how they got there. It is also important to understand their debt repayment plan as it could impact your financial planning.

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