Photo by CC user Owen Fox on Youtube
You’ve finally found someone that you connect with on a personal level, and you couldn’t be more thrilled.
There’s one thing though: your financial track record leaves a lot to be desired. Deep down inside, you are afraid that if these skeletons get unearthed by your partner, they might leave you.
This blog post will address a thorny ethical problem: should you be honest about your debts when entering into a relationship?
In the paragraphs below, we will dig deep into this issue; afterward, you can decide for yourself whether you should be honest with your partner about your finances or not.
Admitting to having debt makes one feel irresponsible
When entering into a relationship, the admission that one has debts carries a large amount of guilt with it.
Rather than be honest about the exact nature of one’s financial servitude, often a person will understate the amount that they owe, or lie outright about having any debt at all.
They feel that admitting to it shows weakness. This can lead to problems down the road when the substantial financial obligation is revealed to their partner.
Some overstate debts to avoid paying joint bills
Other people have taken a more sociopathic approach to their debt situation. Many have used them to duck out of collective financial responsibilities; according to a recent study, as many as 18% of respondents admitted that they had overstated their debts to get out of/reduce their burden when it came to paying joint bills.
Money matters: one of the leading sources of relationship strife
No matter who you’re with, money will always seems to be a leading source of tension in a relationship. And how: according to a recent survey conducted by My Voucher Codes, over 45% owe money on a mortgage, and 38% carry a balance on a credit card.
With many mortgages being issued to borrowers that may have not had the financial wherewithal to afford it over the long run, and high interest rates being charged to holders of many major credit cards, it is no surprise when you hear about an increase in turmoil in relationships.
Knowing this, many keep quiet about their financial troubles or lie about it when confronted by their partners.
Ironically, this can have the opposite intended effect in the end, as internal stress increases the longer a person is dishonest about the true nature of their finances. This can bleed over into other areas of their life, affecting the happiness of a relationship.
Our final judgment: financial transparency is the way to a healthier relationship
Like tearing a bandage off a flesh wound, revealing the truth can be painful at first. In the long run though, knowing exactly where you both stand financially will make your relationship stronger.
When one’s collective situation is made crystal clear, constructive efforts can then be made to begin climbing out of a hole made through years of bad financial decisions.
Often, both sides of a relationship have financial shortcomings. If you have something you are hiding from your loved one, don’t be afraid to make yourself vulnerable, as chances are good that they are also scared to reveal something about their financial history as well.