Love is blind, but don’t let it drive you to debt this Valentine’s Day

Roses are red, violets are blue. Debt is stressful and could follow you long after Valentine’s Day is through. Valentine’s Day is a special day to celebrate love, but it does not necessarily mean breaking the bank or getting into debt.

National Debt Advisors warn people to resist the urge to spend more than they can afford, as such grand gestures can later turn hearts and flowers into headaches. However, First National Bank (FNB) anticipates its customers will spend more this Valentine’s Day than last year. The National Debt Counselling Association (NDCA) warns that people who spend above their means on Valentine’s Day often feel the pinch in the weeks that follow.

Financial stress in relationships often results from well-intentioned but poorly understood financial decisions intended to show your partner you love and value them. The association said there are long-term implications of financial decisions made in love and some decisions can lead couples into serious debt trouble. They highlighted that the responsibility for repaying borrowed money lies with the person who took out the credit, even if this was done on behalf of your partner the person who signed the agreement remains responsible.

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“Credit follows the contract, not the relationship and emotional agreements between parties have no legal standing,” it said. “If you take out credit on behalf of someone you love and they miss repayments, it will negatively affect your credit record. This may limit your access to further credit, or result in you having to pay higher interest rates because you are deemed to be higher risk.” FNB head of retail spend Akshay Bhayroo, said the bank expects their customers to spend more money this coming weekend for Valentine’s Day, particularly because the day of love falls on a Saturday, giving people a full weekend to celebrate. “The extended timing is expected to drive increased spend across dining, travel, accommodation, gifting and other experience focused categories, with both in-store and online channels set to benefit,” he said.

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