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This money secret threatens your marriage – The Motley Fool



There are good secrets and bad secrets, especially in marriage. A good secret might be that you have found a certain old puzzle that your partner has long been looking for, and it is under the tree. A bad secret … Well, how about a secret credit card? Or do you make secret purchases? Or have you made debts of which your other half knows nothing?

Many surveys have revealed that a significant proportion of married people have such financial secrets. They are bad because they can bring a couple's finances down to shaky ground, but even worse, they can put the entire marriage on shaky ground. A finger on the lips is a secret. "src =" https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F503054%2Fspesses-keep-financial-secrets-getty.jpg&w=700&op = resize "/>

Source: Getty Images.

The survey says …

The People of StudentLoanHero.com recently surveyed 1

,000 people who had credit card debt of over $ 6,000. Over 40% of them had credit card debt of over $ 15,000. However, one of the most surprising results of the survey was that 32% of respondents said they hid their credit card debt from their important other people. Why? Well, they were ashamed of it, and / or wanted to avoid quarrels or fights.

Here are some related results from other surveys:

  • Nearly half of Americans said their other spouse or spouse did not know how, according to a Swagbucks survey, they spend a lot on holiday shopping.
  • 63% of Americans are in debt through holiday shopping, with 25% claiming at least $ 500 in debt from Swagbuck's same poll.
  • Arguments A 2013 Kansas State University study showed that money is the highest fictitious earnings game, and a survey conducted that same year by 191 Certified Divorce Financial Analysts named money issues and arguments as the third leading cause of divorce. 19659009] 58% of respondents said they hide cash from their spouse, hide 30% bills, and hide 15% bank accounts, according to a 2010 survey by National Endowment for Financial Education. Worrying too: 34% said they lied about their income, debts and / or finances.
  • In Canada, one third of respondents to a 2018 survey said that finances are the biggest burden in their relationship at 20%.

If you can not see what the turmoil is all about, keep in mind that if a couple has shared financial accounting, a common owner of a business is home and they are authorized users of each other's credit cards Living financially closely linked. If one party has collected a lot of debts as an authorized user with the other party's credit card, the other party is responsible. If a party misses a mortgage, the creditworthiness can suffer a hit – and missing mortgage payments can even lead to the loss of the home.

The following table only shows the importance of a strong creditworthiness You want to buy a home (credit scores also make a difference in other aspects of your life). It reflects someone who raised $ 200,000 through a 30-year fixed mortgage and shows that the difference between a good and a bad credit can be $ 100 to $ 200 per month and tens of thousands of dollars in interest paid.

FICO Score

APR

Monthly payment

Total amount of interest paid

760-850

4.516%

$ 1,015

$ 165,498

700-759 [19659017] 4.73890 [7657521]

$ 175,065.

680-699

4.915%

$ 1,063

$ 182,780

660-679

5,129%

$ 1,089

$ 192898 [19659090] [19659090]; ] 5,559%

1,143 $

211,477 $

620-639

6,105%

1,213

236,549 $

Source: MyFICO.com, as of November 27, 2018. [19659002] Even if mortgage payments and credit card bills are paid on time and you and your partner are still not on the same side of your finances, there can be significant discrepancies. For example, if you want to spend all the money you have both for vacations and toys, for new cars, and for entertainment purposes, leave nothing for retirement or college savings for your children. If your partner has a retirement plan and you torpedo him, you will live in a dispute.

  A dollar bill folded to a heart is displayed against a red background. It is also shown to break in two parts.

Source: Getty Images.

What to do

The first thing to do and often to do is to communicate. Be open about how you manage your common financial and financial obligations. Work together to create a long-term financial plan on how to achieve long-term goals such as retirement. You can also have short-term goals and plans, such as: For example, if you agree on how much you spend on shopping on holiday and how you can save that sum before the holiday season approaches. Inform yourself regularly about your progress in achieving your goals and you are responsible to each other.

If you're already struggling with a lot of debt, you know you can pay – especially if you work together on it. A part-time job for one or both of you can help, as well as many other strategies to solve the debt.

It may also be helpful to consult a financial adviser. A good one costs some money, but he or she can more than make up for it by making sure that your money is parked in the most productive places and you have a plan that will get you to your goals.

Here's a little incentive as well: Couples who work hard on a solid plan can accomplish all sorts of financial exploits – in some cases even retiring prematurely!

Approximately 16% of marriages end due to financial infidelity per survey by the National Endowment for Financial Education. Do not let this happen to you.


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