Is Your Debt Hurting Your Dating Life?

Now that's a tough hurdle to overcome.

There are different reasons why consumers end up in debt. Sometimes, it's a matter of bad luck and unplanned bills. Also, this year, a lot of people have been raiding their savings accounts to keep up with higher living costs. So folks in that boat who are hit with unanticipated expenses might have no choice but to whip out a credit card to cover them, and then carry a balance forward.

Now you're probably aware that carrying debt is not ideal from a financial standpoint. At a minimum, it means losing money to interest. And in some cases, it could also mean damaging your credit score (too high a credit card balance can have this effect). But you may be surprised to learn that carrying debt could also affect your love life. 

Are you undateable because of your debt?

If you're looking for love, you might have a lot to offer a romantic partner. Maybe you're a generous person who's open to different experiences. Or maybe you're a more reserved person with a really big heart. Either way, if you're carrying debt, it could end up being a deal-breaker as far as a relationship goes.

In a recent eharmony survey, 55% of respondents say having a lot of debt is the biggest financial red flag in a prospective romantic partner. On the flipside, having little to no debt and solid credit are seen as positive qualities in a potential partner.

Of course, your dating profile probably doesn't look something like "Book lover. Dog owner. $15,000 credit card balance." But as you get deeper into a relationship with a prospective partner, the topic of debt is likely to come up. And that's where you might run into some issues. So it's a good idea to pay off your debt not just for the financial benefits, but the romantic ones, too.

How to get out of debt

If you're carrying debt, your first step should be to assess your different obligations. If you have a personal loan with a 7% interest rate attached to it and a credit card balance that's costing you 17% interest, you'll want to tackle the latter first. 

From there, you'll need money to chip away at that debt. That's where setting up a budget might help. If you make a point to stick to a budget, you might manage to curb your spending enough to make a meaningful dent in your loan or credit card balance.

At the same time, it pays to look at boosting your income with a second job. Doing so might get you out of debt sooner -- and save you a lot of money on interest. 

Set yourself up for financial and romantic success

You'd think that having debt wouldn't be a problem in the course of pursuing a relationship with another person. But alas, owing too much money could end up being a huge turn-off -- even if you have a delightful personality. 

Rather than run the risk of having debt wreck a relationship with potential, do what you can to pay yours off as soon as you can. If anything, shedding that debt might take some stress off your plate. And that way, you'll be in a better frame of mind to put yourself out there and meet new dating partners.