Forty per cent of Canadian couples enter marriage with debt
Posted February 10, 2014 10:36 am.
This article is more than 5 years old.
VANCOUVER (NEWS1130) – Nothing says “I love you” like discussing your debt ahead of Valentine’s day.
Four-in-10 Canadian marriages now begin in debt, and the wedding is a major reason why. The Harris/Decima poll says the average couple starts their new life together $21,500 in debt.
Forty-seven per cent of respondents aged 25 to 34 brought debt into their relationship, those aged 45 to 54 started their relationship with an average of $19,488 of debt per partner, current students brought an average of $35,045 of debt into a relationship.
Roughly 36 per cent of those asked said thet didn’t discuss their debt with their significant other before getting married, which a bankruptcy trustee at Hoyes Michalos & Associates says is very concerning.
Tips for dealing with pre-marital debt:
– Discuss your debts and your repayment plan before marriage.
– Prepare a family budget.
– Postpone major purchases until after debts are under control.
– Postpone having a family until after debts are under control.
– Consider carefully before co-signing on your spouse’s pre-marital debts.
– Don’t open a joint bank account at the same bank where one spouse owes any debt.
