When one spouse overspends family money without the other’s knowledge or lies about spending, it’s considered financial infidelity. This is a financial deception that can destroy your credit and relationship. According to a 2005 HarrisInteractive Poll 29% of spouses admitted lying to their partner about finances. Interestingly, the survey showed that 1 in 4 spouses said openness about money is more important than being faithful.
What we lie about
|Spending on ourselves||21%||How much we make||6%|
|Spending on children||12%||Our investments||4%|
|Household finances||9%||Our retirement accounts||2%|
It’s clear that financial infidelity isn’t limited to the gambling addicts of the world and it doesn’t discriminate- it can affect any household regardless of income. The spectrum of damage created by secret overspending can be minimal to astronomical and rebuilding credit afterwards may be no small task. Improving credit will require openness, honesty and communication. Couples should consider getting actively involved in finances together by setting a budget and paying monthly bills together. Meanwhile, contacting a credit repair services company, like Vitesse Financial, is a great option to get your credit score back on track.