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Survey shows many spouses hide credit card debt

When two people marry they intertwine more than their families they also intertwine their finances. While this may seem inconsequential to some, it can actually have some very real and very serious consequences. Because of this it is important to get to know your spouse's financial habits, preferably before the wedding. Sometimes spouses may even hide credit card debt from one another but there are tips for Tennessee residents to avoid bankruptcy or financial ruin in these situations..

In a survey consisting of married adults, over half of those interviewed admitted to keeping financial secrets from their spouse. One common deception admitted to by both men and women were hidden purchases. In the worst cases, spouses may even held secret accounts and hidden financial challenges. Some spouses have even reported being forced to file for bankruptcy after being left by a spouse who incurred significant debt during the marriage.

There is no reason in this day and age for only one spouse to stay apprised of the couple's finances. With the advent of the Internet it is easier than ever for both parties to keep track of joint credit card accounts. Some attorney's have even suggested that couples considering marriage should even share credit scores. Think of it like a blood test, it is just one more way to screen a prospective mate. Plus, the information obtained may even be more useful.

There really are no guarantees in life, and this is especially true when it comes to a person's financial life. With that being said there are ways for people to protect themselves. One way is for spouses to remain open about their financial information. This is especially true when both parties share responsibility for the consequences of the other's actions. However, if the unexpected does happen there are options, including bankruptcy.

Source URL: The Tennessean, "Hiding expenses could signal deeper issues," Jere Downs, Jan. 2, 2012

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Mark T. Young & Associates
2895 Northpoint Blvd.
Hixson, TN 37343

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