Good day, my Frugalistas. I read an article about how some people who have large loads of debt are missing out on love. When one woman, Allison Brooke Eastman,told her husband-to-be how much student loan debt she had ($170,000), he broke off the engagement. Ouch.
I definitely think you should talk about your financial status when you are in a relationship. I just think the better your finances, the more eager you are to have the conversation. In Eastman’s case, she thought she had $100,000 worth of debt when it was really $170,000. That extra $70,000 gave her fiance cold feet. Is there really that big of a difference when you get to six figures like that? He was ok with six figures of debt before. She paid the monthly note.
I know I blab all about my finances (past and present) and will do more of it when my book drops in January. I definitely think that if you have a lot of debt, you need to bust your butt to get it managed. Yes, that means finding higher paying work. Perhap’s Eastman’s mate would have been more forgiving of her debt if she were a corporate attorney and not an X-Ray technician and photographer.
It’s so sad. I always says that being a working professional comes with its own set of expenses. Student loans suck, especially in a bad economy when pay scales are lower and job security is nonexistent, essentially.
Would you break up with someone who had large sums of debt? How much debt is too much? When should you disclose your amount of debt? Was the woman’s boyfriend wrong for breaking up the engagement? Is for richer or poorer a joke?