One-third of divorces fueled by credit card debt and secrecy.

In a recent survey of divorced Americans, it was found that credit card debt and hidden financial activities were major factors in marital breakdowns. One-third of respondents cited credit card debt and financial infidelity as critical factors in their divorce. Of those who cited credit card debt as a reason for divorce, 70% revealed that either they or their ex-spouse had concealed debt. Additionally, 80% admitted that hidden spending played a role in their separation. The survey also highlighted the negative financial impact of divorce, with 38% of divorcees taking on at least $10,000 in debt after their divorce and 40% experiencing a decrease in their credit scores by more than 50 points. The survey also revealed that disagreements about big purchases and frequent dining out and entertainment expenses were also common reasons for divorce. Furthermore, 37% of divorcees reported finding themselves solely responsible for debts that were previously shared, exacerbating their financial challenges.

This survey sheds light on the dangers of financial infidelity and credit card debt in relationships and the potential for long-lasting financial ramifications. The findings highlight the need for open and honest communication about finances within relationships to avoid the strain and potential breakdown of a marriage. Additionally, the survey’s findings reflect a larger national issue of rising consumer debt and credit card delinquencies. The survey serves as a reminder of the importance of financial responsibility and transparency within relationships to ensure long-term financial stability.