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FINANCIAL INFIDELITY: DON’T WAIT FOR YOUR SPOUSE TO CHEAT BEFORE DISCUSSING MARRIAGE FINANCES

financial infidelity, financial deception, credit card, credit score, budget, balanced budget, trustee, financial restructuring, bankruptcy, starting over starting now

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Financial infidelity: Introduction

Financial infidelity is on the rise and for some strange reason marriage finances is a taboo subject for many married people. Spouses are lying to each about how much they earn. Forty percent (40%) could not correctly identify which salary range their spouse falls into. Couples are not being honest about what they spend, what they spend it on and the amount of debt that they are carrying. As you will see below, financial infidelity is a major issue. Couples break their promise of being financially faithful to each other.

Financial infidelity: What some studies say

A new study from the National Endowment for Financial Education conducted with Harris Interactive reports:

  • 33% of people who have joint accounts said they have committed financial infidelity
  • 35% said they have been the victim of their spouse’s financial deception

According to CreditCards.com:

  • 2 million Americans have a bank account or credit card that their spouse doesn’t know about
  • 20% of Americans have hidden a purchase of $500 or more from their significant other

Financial infidelity: We can help get you back on the right path

Financial infidelity can be a “recipe for disaster,” said Matt Schulz, a senior analyst at CreditCards.com. “It’s incredibly difficult to keep a household budget when you don’t know how much money is coming in and out, he said. It could lead to late bill payments, which can harm your credit score”. As we have previously discussed, a balanced budget is to financial health what a balanced diet is to physical health.

When it comes to marriage finances, honesty is the best policy. If you have been either the perpetrator or the victim of financial infidelity, you may be in serious financial jeopardy. Don’t wait until you are out of options. Contact a professional trustee as soon as possible. The Ira Smith team is a full service insolvency and financial restructuring practice serving companies and people throughout the Greater Toronto Area (GTA) facing financial crisis or bankruptcy that need a plan for Starting Over, Starting Now. We can help. Call today.

By Brandon Smith

Brandon Smith is a licensed insolvency trustee and Senior Vice-President of Ira Smith Trustee & Receiver Inc. The firm deals with both individuals and companies facing financial challenges in restructuring, consumer proposals, proposals, receivership and bankruptcy.

They are known for not only their skills in dealing with practical solutions for individuals and companies facing financial challenges, but also for producing results for their clients with realistic choices for practical decision-making. The stress is removed and their clients feel back in control. They do get through their financial challenges and are able to start over, gaining back their former quality of life.

Call a Trustee Now!