Relationship Troubles This Valentine’s Day? You May Want to Check Your Credit Score According to Research from Elevate’s Center for the New Middle Class

  • Subprime Americans are 45 percent more likely to be divorced
  • 1 in 5 married nonprime Americans feel they have little control
    over the things that happen to them and more than 50 percent run out
    of money every 2-3 months

FORT WORTH, Texas–(BUSINESS WIRE)–If you’re having relationship troubles this Valentine’s Day, you may
want to check your credit score. Nonprime Americans are 45 percent more
likely to be divorced, according to new research by Elevate’s Center for
the New Middle Class, a research institution that examines the everyday
effects of being nonprime in America.

“This latest research raises an interesting question about cause and
effect. Are people getting divorced because stressful finances put
pressure on relationships, or are people becoming nonprime because
divorce has negative financial consequences?” said Jonathan Walker,
executive director of Elevate’s Center for the New Middle Class.
“Regardless of the cause, it’s clear that financial pressures are
greater in nonprime couples, and that people experiencing financial
difficulties are more likely to be nonprime.”

The study also found that 1 in 5 married nonprime Americans feel they
have little control over the things that happen to them in general, and
more than 50 percent run out of money every 2-3 months or more often.
Additional key findings about married nonprime people include:

  • 4 out of 5 say they cannot regularly save money
  • They are 2x more likely to carry a credit card balance
  • They are 2x as likely to have lost a job in the prior 5 years
  • They are 1.4x as likely to have had their pay or work hours reduced in
    the prior 5 years
  • They are almost 3x more likely to worry over their monthly expenses
  • They are 1.5x more likely to admit that their finances cause
    significant stress

In nonprime households, uncertainty compounds with marriage rather than
dissipates. In fact, married nonprimes are much less likely to feel they
have control in their lives compared to prime people and even when
compared to their single nonprime counterparts.

“In our efforts to shine light on the daily challenges of subprime
Americans, who now make up a majority of the population at 160 million
people, we have discovered that financial challenges are deeply
personal; finances affect Americans’ marriages, as well as their
feelings of control in their daily lives,” said Walker.

He continued, “The Center for the New Middle Class’s mission is to help
policymakers, consumer advocates, media, academics and the public at
large understand where the challenges are coming from for this large and
growing group of individuals, in all aspects of their lives, in order to
give them better options and more access to solutions.”

About the Research

This study represents results from two research projects: a survey of
610 nonprime Americans with 607 Americans with prime credit scores
conducted December 6-14, 2016; and, a qualitative online discussion with
41 individuals conducted on January 25, 2017. For more details on the
study, click
here.

About Elevate’s Center for the New Middle Class

Elevate’s Center for the New Middle Class conducts research, engages in
dialogue, and builds cooperation to generate understanding of the
behaviors, attitudes, and challenges of America’s growing “New Middle
Class.” For more information, visit: http://www.newmiddleclass.org

About Elevate

Elevate has originated more than $3.7 billion in nonprime credit to 1.5
million consumers. Its innovative online credit solutions provide
immediate relief to customers today and help them build a brighter
financial future. The company is committed to rewarding borrowers’ good
financial behavior with features like interest rates that can go down
over time, free financial training and free credit monitoring. Elevate’s
suite of groundbreaking credit products includes RISE, Sunny and
Elastic. The company is privately held and is backed by respected
Silicon Valley venture capital firms including Sequoia Capital and
Technology Crossover Ventures. For more information, visit: www.elevate.com.

Contacts

Media Inquiries:
Vested
Ishviene Arora, 917-765-8720
elevate@fullyvested.com