According to Debt.com’s third annual Debt and Divorce survey, one-third of respondents believe that debt and credit card expenses were a contributing factor in their divorce. This finding underscores the negative impact that financial issues can have on relationships.
Of the respondents who identified credit card debt as a reason for their divorce, nearly 70% revealed that they or their ex-spouse had hidden credit card debt, and 80% disclosed that they had hidden expenses from their partner. Such financial infidelity can lead to significant relationship challenges and can make divorce even more difficult for both parties involved.
Howard Dvorkin, a certified public accountant and the president of Debt.com, emphasized the role of financial infidelity in marital conflicts. He highlighted the adverse financial consequences that divorced individuals often face, such as increased debt and a negative impact on their credit score. According to the survey, 38% of respondents incurred at least $10,000 in debt following their divorce, and 40% noticed a decrease of at least 50 points in their credit score.
The survey also revealed that financial disagreements, particularly over significant purchases, were a common factor in many divorces. Furthermore, a notable percentage of respondents attributed their financial problems to excessive dining out or frequent indulgence in alcoholic beverages.
In addition to the personal finances affected by divorce, the survey uncovered other noteworthy details. For instance, 37% of respondents reported that they now bear sole responsibility for a debt that was previously shared, while 13% stated that shopping played a role in their decision to get divorced. Additionally, 25% confessed that they were unaware of how their divorce had affected their credit score.
Given these findings, Dvorkin advised that seeking financial counseling could help couples who are struggling with debt and expenses. He suggested that financial advice, in addition to marriage counseling, could be beneficial for couples experiencing financial conflict. By addressing these financial issues, there may be hope for saving some marriages.
It is important to note that the survey involved 526 adults from across the US and Washington, D.C., all of whom were at least 18 years old. The survey, conducted on January 31, 2023, provided a comprehensive view of the impact that debt and financial issues can have on divorce.
Debt.com is a consumer website that offers assistance to individuals dealing with various forms of debt, including credit card debt, student loans, tax debt, credit repair, and bankruptcy. The platform works with certified providers to offer sound financial advice and solutions to consumers facing financial challenges.
For more information on Debt.com, visit their website at: https://mma.prnewswire.com/media/1576979/Debt_com_Logo.jpg.
SOURCE: Debt.com
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