True love not blind to credit card debt

Couple arguing over finances. | Newsreel
Credit card debt is a turn-off for singles looking for partners. | Photo: Rain Star (iStock)

If you’re looking for love you better pay off that credit card debt.

With the cost-of-living crunch biting hard, Australian singles are becoming more forensic in exploring the state of a potential partner’s finances.

A survey from dating company eharmony showed those looking for love were increasingly leaning towards “financially responsible” matches, with nearly half (48 percent) saying a potential partner’s debts and income determined if they would pursue a relationship.

While some debt, like mortgages and student loans, were acceptable by the majority, credit card, payday debt and personal loans topped the “bad” list, with more than 82 percent saying credit card debt was a turn-off.

Just over a third (35.3 percent) said a potential partner should have no debt at all, excluding a mortgage.

The survey also asked views on combining finances and bank accounts and it was a case of sharing is not always caring with 20 percent of couples saying they would keep their finances separate.

Twenty percent of respondents were worried about sharing their finances because they felt their partner would negatively judge their spending and financial behaviour.

Almost a third (33 percent) doubted their partner’s ability to manage their finances and didn’t trust them to be responsible with their money.

While money was an important part of a relationship for two-thirds of respondents, greater importance was placed on how potential partners manageD their earnings and financial commitments.

Types of debt respondents found unfavourable:

  • Credit Card: 82 percent.
  • Payday debt (Afterpay, ZIP, Openpay, etc.): 78 percent.
  • Personal Loan: 73 percent.
  • Car Loan: 57 percent.
  • Student debt (HECS, HELP, etc.):  37 percent.
  • Mortgage: 16 percent.