Thursday, February 11, 2016

BE MY VALENTINE - but not if you have credit card debt

 BE MY VALENTINE - but not if you have credit card debt

I am indebted (pun intended) to the CBC and the Globe and Mail for reporting on some very interesting research on credit card debt done by Nerdwallet.

NerdWallet is a free (American) tool to help you find the best credit card offers, cd rates, savings and chequing accounts, insurance, and other financial products.

Source_ Google Images
According to research that Nerdwallet published, credit card debt is a turnoff to men and women, but especially women.  Over half of women would not want to date someone with heavy credit card debt, and almost half (46%) of men felt the same way.  70% of Americans agree there is a nasty stigma around credit card or "bad debt" (unlike mortgages and student loans which are considered "good debt"). 

If you find this hard to believe, here's more information from a study done by no less than The Federal Reserve Board. 

The very lengthy title of the 55-page research paper is: Credit Scores and Committed Relationships. Serious subjects indeed.

If you are unlucky in love, clean up your debts and see what effect that has on your attractiveness. 

Another tip - don't post your credit score or debt level on your dating profile if they don't show you in your best light.

It's just good advice.

Marylou Heenan, Financial Advisor
Assante Capital Managment Ltd.

Assante Capital Management is a member of the Canadian Investor Protection Fund and is registered with the Investment Industry Regulatory Organization of Canada.

This material is provided for general information and is subject to change without notice. Every effort has been made to compile this material from reliable sources however no warranty can be made as to its accuracy or completeness. Before acting on any of the above, please make sure to see me for individual financial advice based on your personal circumstances. Insurance products and services are provided through Assante Estate and Insurance Services Inc. 

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