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Love & $$$: What's debt got to do with it?

NEED TO KNOW
  • Kenny Pugh is a love and money columnist for BlackEnterprise.com
  • He has more than 16 years of experience in the financial industry

Money: it's at the root of why many couples break up or divorce. Why? Student debt, medical bills and a less-than-stellar credit score are all financial woes that can not only impact you, but also your partner.

So how do you walk the fine line of balancing romance and finance? Love and money columnist Kenny Pugh stopped by Weekend Express to talk about how to handle your financial baggage without sending your spouse packing.

Kenny's suggestions for making your money and relationship work together:

  • Take inventory of everyone's situation and what they bring to the table. If you have credit card debt, that needs to communicated up front so a plan can be mapped out.
  • Finances don't have to discussed on the first date, but it needs to be disclosed when the relationship gets more serious.
  • Can a credit score impact your marriage eligibility? Pugh explains that although you shouldn't judge a person by their score, you should keep it in mind when getting serious about someone. Make sure the person you're dating won't dig themselves deeper into debt, but instead work to save and improve their credit score.
  • Communication is key! People make relationships, not money -- so keep talking and working through your money woes together!
  • Make sure you know what value or role you bring to the relationship and assess the foundation. Make sure you ask yourself the tough questions. For example, Is your relationship solely focused on money?

 

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