Better Engagement Ring Or Less Debt? Half Of Married Americans Would Make the Frugal Choice

CHARLOTTE, N.C., Dec. 19, 2018 /PRNewswire/ -- CompareCards by LendingTree today released the findings of its survey on engagements and debt that found about half of married Americans with debt said they would have been happy giving or getting a less expensive engagement ring in order to help pay down their current debts.

The holiday season is one of busiest times of the year for marriage proposals. With that in mind, CompareCards surveyed more than 1,000 married people to get their thoughts on engagements and debt. CompareCards asked about everything from engagement rings and honeymoons to how much respondents and their partner knew about each other's financial situations before they got engaged. The results revealed that couples are more likely to talk about many other controversial topics before they talk about credit scores and that millions of Americans would happily prioritize paying down debt over a fancy engagement ring.

Key findings

• Americans are OK with less bling if it means less debt. Among married Americans with debt who had received a ring, 53 percent would have been happy getting a less expensive ring to better pay off debts.
• Nearly 1 in 3 got engaged without knowing their beloved's debt situation. Thirty-one percent of married people didn't know how much non-mortgage debt their significant other had before they got engaged.
• Couples talk about religion, politics and kids before getting engaged, but few talk credit. Credit scores are way down the list of things that people talk about with their partner before getting engaged. Just 1 in 5 (22 percent) talked about credit scores before their engagement. That's far below those who spoke about the desire for kids (62 percent), their religious views (56 percent) and politics (34 percent).
• Debt forces many to delay popping the question. One in 10 married respondents said they delayed proposing or getting married because of their debts or their significant other's debts. Millennials were five times more likely than other age groups to have said so.
• Most are paying off the ring immediately. Two-thirds of married people (66 percent) said they didn't go into debt at all for their engagement ring and just 8 percent of respondents said they went into debt for a year or longer. Nearly half of married people (45 percent) said they paid for an engagement ring with cash from a checking account, while credit cards came in second at 27 percent and cash from a savings account was third at 17 percent.

"It's clear that for millions of Americans, when it comes to engagements, the ring is no longer a priority," said Matt Schulz, Chief Industry Analyst at CompareCards. "Many would be just as happy paying off their debts as they would be showing off their new bling. It's unfortunate that even in these good economic times, this is still a huge issue, and this survey shows that many Americans are taking it seriously. That's important because it's much easier to pay down debt in good economic times than in bad — and, as in marriage, some bad times will eventually come. Preparing for them, to the degree that you can, can make all the difference."

To view the full report, visit www.comparecards.com/blog/engagement-ring-or-less-debt.

Methodology
CompareCards by LendingTree commissioned Qualtrics to conduct an online survey of 1,224 Americans, with the sample base proportioned to represent the general population. The survey was fielded Dec. 5-10, 2018, and the margin for error for all respondents is +/- 2.8%.

About LendingTree
LendingTree (NASDAQ: TREE) is the nation's leading online marketplace that connects consumers with the choices they need to be confident in their financial decisions. LendingTree empowers consumers to shop for financial services the same way they would shop for airline tickets or hotel stays, comparing multiple offers from a nationwide network of over 500 partners in one simple search, and can choose the option that best fits their financial needs. Services include mortgage loans, mortgage refinances, auto loans, personal loans, business loans, student refinances, credit cards and more. Through the My LendingTree platform, consumers receive free credit scores, credit monitoring and recommendations to improve credit health. My LendingTree proactively compares consumers' credit accounts against offers on our network, and notifies consumers when there is an opportunity to save money. In short, LendingTree's purpose is to help simplify financial decisions for life's meaningful moments through choice, education and support. LendingTree, LLC is a subsidiary of LendingTree, Inc. For more information, go to www.lendingtree.com, dial 800-555-TREE, like our Facebook page and/or follow us on Twitter @LendingTree.

About CompareCards:
CompareCards' mission is to help people make smarter, more informed, healthier financial decisions based on deeper knowledge of financial offers. Each month, over 2.9 million visitors come to CompareCards' website to independently compare credit cards side-by-side and choose a credit card based on interest rate, reward benefit, cost savings, and other factors that are important to each person. CompareCards provides easy-to-use, objective tools and educational resources that help people do everything from making credit card comparisons to managing their credit health. For more information, please visit www.comparecards.com.

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SOURCE CompareCards

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