South Carolina readers know their finances can have an impact on various areas of life, including their relationships. Money and financial hardship can cause a significant strain on your relationship with your partner or your significant other, eventually causing a permanent and irreparable rift between the two of you.
Studies show that debt is a financial issue that can have a considerable impact on a person’s love life. In fact, a recent survey finds that three in four people believe that credit card debt is a reason to avoid or leave a relationship with a person. If you are dealing with a substantial amount of debt and are unable to manage it on your own, you may find it beneficial to consider the legal ways to confront this situation and preserve your personal relationships.
The long-reaching effect of owing too much money
Credit card debt is often difficult to overcome. With accumulating interest rates and minimum payments, these balances can quickly spiral out of control. An accident, job loss or prolonged sickness can suddenly leave you unable to make the minimum payment. While many Americans have at least a small amount of credit card debt, there is a point when the balance can actually make a person unattractive as a potential partner.
If you have a large amount of debt and have concerns regarding how this could impact your personal life, consider the following facts:
- On average, people consider credit card debt balances of over $11,000 to be unacceptable and unattractive.
- Almost half of people with credit cards carry a balance from month to month, and the average person has about $6,000 in outstanding credit card balances.
- Studies find that credit card debt is one of the most undesirable types of debt in the eyes of prospective partners, along with payday loans and student debt.
There are various options for dealing with credit card debt. For some, it is possible to confront this debt through consolidating, budgeting or strict payment plans. However, these efforts may not be enough for you. When there is no way out, you may consider the benefits of filing for bankruptcy.
Why should you consider bankruptcy?
Either Chapter 7 or Chapter 13 bankruptcy offers you a way to effectively deal with your debt once and for all. This can allow you to confront your credit card debt while protected from the efforts of debt collectors and creditors. If your debt is taking a toll on your personal life and relationships, it may be time to think about the benefits of seeking protection and help through bankruptcy.