Could your debt lead to divorce?

If you are in debt, you know that owing people money can be stressful. While you have heard that having money does not make you happy, most people would like to have the opportunity to see whether that is, in fact, true.

For single people, financial problems can certainly be overwhelming. However, for couples with different spending habits and lifestyle desires, debt could sneak in and destroy what once was a happy marriage.

There are many kinds of debt which can affect your relationship

With many of us living paycheck-to-paycheck, it is probably no surprise that on average, Americans have nearly $16,000 in credit card debt. On top of that, you might have car notes, student loans or a mortgage.

All things considered, if you experience an unexpected job change or medical bills arise, you might not know what to do. Many couples do not know how to work together to get out of debt. But there are some things to be aware of before you and your spouse divide your family because of financial concerns.

Be aware of the emotional baggage of your debt

While you do not want to allow money, or the lack of it, to control your life, there can be a significant psychological connection between debt and mental health. If you and your spouse are in debt you might consider how it affects your marriage through:

  • Resentment – No two people view money or spending the same way. As you and your spouse argue about your financial situation, you may start to resent each other for your choices in earning or spending.
  • Anger – Whether questionable choices put you in a difficult situation, your education did not provide the amount of income you planned to earn or bills you could not have prevented took control of your accounts, debt can make you mad. It can be extremely difficult to live together in these situations, as anger may be misdirected.
  • Depression – Worrying about money can make you feel more hopeless, especially if you think you do not have any options.

The good news is that in many cases, there is financial relief available. If your marriage is suffering because of your debt, it would be a good idea to explore your options before allowing your debt to outlast your love.