Finances are generally the leading cause of stress in a relationship according to SunTrust Bank. Money and stress tend to go hand in hand for many Americans, and this can intensify when involved in a relationship. Student loan debt has no mercy and “for richer or poor” may not cut it.
Student Loan Hero has recently reported that more one-third of borrowers said college loans any other financial stress contributed to their divorce. Student Loan Hero surveyed more than 800 divorced adults and found that 13% blame student loans specifically for ending their relationship.
Not only can the debt that stands at $1.5 trillion kill relationships, but student loan debt seems impossible to avoid. Experian reports that the average outstanding balance is currently $34,144, which is a 62% increase over the last decade.
How debt can impact relationships
You stand on the alter in front of family and friends expressing your love “for richer or poor.” So, how does debt significantly impact this vow? Not being honest with your partner can end up being the reason why a relationship fails. While this may seem like a selfish way to end a relationship, a large percentage of people view debt and relationships as a bad mixture.
Regret can also lead to the end of a relationship. You may feel like you didn’t search enough for those scholarships, or that maybe you even had an error in judgment when accumulating debt in the first place. Feelings of regret may cause you to not communicate with your partner about financial matters. Fear can also take a toll on relationships. The simple act of purchasing a signal meal can remind you of the fear you have for not being able to provide for your family.
While there are negative consequences to being in debt, having a supportive spouse who does trust you with sensitive information can help you overcome your debt faster and easier. Many people have escaped debt with the help and support from their spouse. Communication will be key when debt is present in your relationship.