Too Much Credit Card Debt Can Make You Undateable!
Everyone has their deal-breakers when it comes to dating and for a lot of finance-conscious Americans, it all comes down to debt. It seems more folks are paying attention to the financial situation their potential partners are in before proceeding these days. According to a recent surveyfrom personal finance site Finder.com, 77% of people consider credit card debt unattractive. And on average, people say if someone has $11,525 in credit card debt, that’s enough to make them swipe left or walk away.
But it’s not just credit card debt that makes singles want to stay away. Payday loans, which can have interest rates as high as 400%, are the second most unacceptable form of debt to daters. And it only takes a payday loan of $1,830 to turn off a potential suitor. Student loans are also a concern to prospective dates and if you owe more than $51,000, that could be a deal-breaker for some. But that’s a lot more than the average student loan balance of $37,000, so there’s hope.
The survey finds that some generations are more tolerant of partners who are in debt than others. More than 80% of millennials find student loans unacceptable in a partner, followed by credit card debt and payday loans. Gen X-ers seem to be the most forgiving about debt in any form, but 75% admit they find payday loans a turn off. And for baby boomers, all kinds of debt are unacceptable, with the exception of student loans.
Deciding not to go out with someone because they owe a lot of money to a credit card or for a student loan may seem extreme, but maybe these folks are onto something. Research shows the higher your credit score, the less likely you’ll separate from your partner, so it’s something to consider.