Now that Valentine’s Day has passed and the love hangover known as reality has begun to set in, it may just be the ideal time to take a look at the role debt plays in our relationship. Ontario Trustees and Proposal Administrators, Hoyes Michalos & Associates recently released the findings of their Harris/Decima Research study examining debt in relationships, and the findings might surprise you. Most notably:
- Finances often play the leading role in relationship problems, and the poll results show that a significant number of relationships face monetary challenges due to debt from the very start.
- 43% of Canadians polled stated they entered into their marriage or a common-law relationship with debt, with nearly 30% claiming the debt as their own and 35% noting that their spouse brought the debt.
- Nearly half of respondents say they have added new debt (not including their mortgage) since being married.
- Communication appears to play a significant factor in paying down debts, as those who did not discuss their debts prior to walking down the aisle were more likely to be among those adding to their debts instead of reducing them.
To view the full study results, including tips for dealing with pre-marital debts, please click here.