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Is Debt Impacting Your Social Life?

Posted by Tiffany Sanders, J.D.

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Being deep in debt can limit your social life in practical ways: you may not be able to eat out often, and a cruise with your girlfriends or significant other is probably out of the question. But, it may come as a surprise that a high debt burden can have a more direct social impact.

A recent survey revealed a debt “tipping point” for single adults. That is, too much of certain types of debt sent up a red flag to prospective partners. The tipping point is different depending on the type of debt–for credit card debt, it’s $11,525. That’s higher than the average credit card debt in the U.S., but about $4,000 lower than the average carried by households with credit card debt.

Many factors impact consumer debts such as credit card and payday loan balances, such as unexpected periods of unemployment and paying medical bills with credit. However, 41% of respondents to a Harris Poll commissioned by NerdWallet said that their credit card debt was at least partly attributable to spending more than they could afford on unnecessary purchases. The perception that this type of debt indicates poor financial management may contribute to daters’ negative assessment of potential partners with significant credit card balances. Those who said high credit card debt could be a deal breaker may also be concerned about the high interest rate typically associated with credit card debt, and the amount of tim it takes to pay off this type of high-interest debt.

Other types of debts dating singles said could make a person “undateable” included payday loans and a high level of student debt (about $50,000).

Not all debt raised concerns about the suitability of a romantic partner, though. For example, business loans and home equity loans were seen as more acceptable forms of debt.

The Exact Amount of Credit Card Debt that Makes You Undateable

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Posted on February 19th, 2018


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