Chuck Bentley on Should I Marry Someone With Bad Credit?

Dear Chuck,

I have been in a serious relationship for two years. Recently I’ve been made aware of my boyfriend’s bad credit. He assures me it can easily be fixed. Should I be concerned?

Concerned about Credit Score

Dear Concerned,

A number of years ago, I was asked to counsel with newlyweds who were having serious financial problems. Although the husband dressed well, drove a nice car, graduated from a great college and had a good job, he was financing everything to give an appearance that he was very successful. As we drilled deeper into the reality of their financial condition, the wife was horrified to learn that besides student loans, car loans, store account balances that were past due, her wedding ring and their honeymoon had been paid for with credit cards that were maxed out. This was all new information just a few months into their marriage. Despite a financial plan that could have helped them manage their way out of the deep hole they were in, trust had been broken and the marriage did not survive.

This is a long way around to answer your question. Yes, you should be concerned.

Debt and bad credit affect relationships. Discovering each other’s financial philosophy, history, and goals pre-engagement is vital. A solid marriage is built on trust and transparency. Couples must be willing to reveal their debt and credit scores. This removes any surprises and exposes any stress that accompanies the reality of each other’s financial condition. In some cases, couples realize that financial issues are so concerning that a future is not foreseeable.

WalletHub survey revealed that 46% of people said they would leave a relationship if the other spent money foolishly. Half would not marry someone with bad credit. A majority said financial infidelity might be worse than actual cheating. People prefer relationships and marriage with those who offer financial stability.

1.  Financial issues can signal deeper emotional issues like lack of self-discipline, addictions, or serious needs that money can’t buy.

2.  They can reveal financial philosophies that may be irreconcilable.

3.  They delay or prevent future plans and dreams like buying a home, having children, starting a business, or going on the mission field.

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SOURCE: Christian Post, Chuck Bentley