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Many people take loans for lack or urgent needs. However, carrying the burden of debt for a long time is not right at all. This results in negative effects on family and marital relations.
From marital discord to divorce, debtors can suffer. You may even be separated from family, relatives or friends.
A recent US 'National Debt Survey' says that three out of five Americans say they don't like being in debt at all.
And because of this, many people break up because they don't want to be a partner in their partner's debt. According to the survey, 54 percent of Americans believe that a partner's debt is a big enough reason for divorce.
Because many do not want to be a partner in the financial problems of their partner who is in debt. But why is that? According to experts, many couples lack transparency about their financial situation.
According to a SunTrust Bank survey conducted online by Harris Poll, 35 percent of people blame money as a reason for marital discord. On the other hand, about 43 percent of people hide the debt from their partner. Which causes financial mistrust.
Financial infidelity is when one partner intentionally does not tell the truth about money. According to a study by US News & World Report, the biggest money-related lies are secret purchases (31.4 percent), hiding debts (28.7 percent) and dishonesty about income (22.6 percent).
But this is not a positive thing at all. Economic conditions have a huge impact on the life of the relationship, so both partners should be aware of the financial strain.
If there is transparency, there is an equal stake in both borrowing and repayment. In that case, when economic times are bad, there is harmony between the two people.
Loans may help you reach your goals. But in most cases debtors feel socially ashamed and embarrassed. Debt collectors tend to hide from friends or family, according to the American Bankruptcy Institute.
Also married couples can feel isolated from their friends and family members due to debt. As a result, disappointment, depression and stress can arise in married life. All in all, relationship breakup can also happen.
