Debt Can Dampen your Love Life

Mortgage Rules

The government of Canada has taken a keen interest on your debt levels, and so has that cutie down the hall.  High levels of consumer debt can lead to financial instability especially if interest rates rise or employment is lost.  The government wants to ensure the country’s economic stability, but that cutie is looking for some stability of their own. 

According to a new survey by dating site Match.com, 94 per cent of Canadian singles believe a person’s ability to manage their finances is very important in a relationship. And 47 per cent say they would not date someone who’s in debt.

The survey also found that:

  • 57 per cent of singles have stopped dating because of their own lack of funds
  • 50 per cent of singles stopped dating someone because of that person’s lack of funds
  • 75 per cent of Canadian singles wouldn’t borrow money from a partner, while 53 per cent say they wouldn’t lend money to a partner
  • 42 per cent of singles say they have loaned money to a partner in the past, and 18 per cent have borrowed from a partner, and
  • 52 per cent of singles say the ‘financial talk’ should take place within six months to a year of dating.

The survey didn’t distinguish between mortgage and non-mortgage debt although there is a big difference.  A mortgage comes with a home, and a homeowner exudes more financial stability than a renter.  High balances on credit cards and unsecured lines of credit on the other hand throw up a red flag and many singles are taking notice. 

If you’re looking to meet your match it’s time to get your financial house in order.  Speak with a financial planner or mortgage broker who can help you eliminate your unsecured debt.

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