We often hear about how unhealthy relationships can take a toll on emotional and mental well-being, but less is said about how the wrong relationship choices can seriously affect your financial health.
Financial stress in a relationship, sometimes caused by well-meaning but poorly considered money decisions made in the name of love, can quietly erode a couple’s financial stability long before any obvious warning signs appear.
This February, the month of love, the National Debt Counselling Association (NDCA) is urging couples to look beyond romantic gestures and consider the long-term financial consequences of their relationship choices. The wrong decisions, they say, can easily land couples in serious debt trouble.
“Many people don’t realise how undisclosed debt, borrowing on behalf of someone else, or credit taken out during a previous relationship can strain even the most devoted couples,” says NDCA chairperson René Moonsamy.
Moonsamy stresses that legal responsibility for borrowed money always rests with the person whose name is on the credit agreement. “Credit follows the contract, not the relationship. Emotional promises between partners have no legal standing. If you take out credit for someone else and they miss repayments, your credit record will suffer. This could limit your future access to credit or result in higher interest rates because lenders view you as a higher risk.”
Important tips for couples from NDCA:
• Be honest about finances from the start.
• Understand each other’s financial priorities to prevent future conflict.
• Work together towards common financial goals.
• Agree on spending limits.
• Seek help if needed.
• If planning to marry, find out how your chosen marital arrangement will impact your finances.
By keeping money matters transparent and making informed decisions, couples can protect both their hearts and their wallets.
Don’t let love cost you more than heartache
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