Keeping Up With The...

“..rich, unattached, and hopefully has a good credit rating.”

My friend said this in jest when I asked him what his type was (blood type, really, but he had his comedian hat on); but I thought it worth a second look. How many single people bother to consider credit worthiness when choosing someone to marry? It is not only practical, it tells you a lot about a person’s character.

Unless it's due to uncontrollable circumstances such as a chronic illness that drains ones finances or loss of a job due to a nationwide economic recession/depression (e.g., the 2007 housing crises and stock market crash that caused a significant number of people to lose their homes to foreclosure and raised the unemployment rate), a man or woman who has a substantial debt because of indiscriminate spending should be a big red flag. Living beyond your means is a sign of a lack of self control or a covetousness for material things that drives one to “keep up with the Joneses” (or the Kardashians, for my millenial readers).

The ease of getting a credit card, to a certain extent, feeds this lifestyle of “I know I can’t afford it but I have a Mastercard (or Visa) for that.” While I was on vacation in the Philippines last month, I have literally been chased at shopping malls by representatives from credit card companies encouraging me to apply for one. Using a credit card has its benefits, especially if you have one with a rewards program; it’s like getting a discount with every purchase. Better than paying with cash, if you ask me, provided you pay the balance in full immediately. But I digress. 

Credit cards satisfy our need for instant gratification. Whereas before you need to save up some money to buy a MacBook, now people can go ahead and charge the purchase on their credit card and worry about it later. It’s never a good idea to buy items that you can’t pay in full at the end of that month’s billing period. But people do it anyway. Why? Because to some, it’s more important to have an iPhone Xs, a red Berkin, a pair of AirJordans, and a sleek Rolex than being financially solvent. 

There are more important things than net worth; but financial responsibility (e.g., knowing when to spend or save for a rainy day, living within your means, paying bills on time, etc.) should be a non-negotiable criteria.

Think about their future.