Clear, Open And Honest Communication At Every Step

Nearly 43% of Americans are hiding debt from their spouses

On Behalf of | Mar 7, 2022 | Bankruptcy |

Many married individuals keep an embarrassing secret or two. Some secrets might be harmless, but nearly half of Americans are hiding something potentially devasting from their spouses.

Around 43% of married Americans are hiding debt from a significant other. This can lead to far-reaching consequences that might seriously harm the marriage, but there are steps to take to mitigate the damage.

The consequences of hiding debt from a spouse

Many individuals experiencing major credit card debt hide the problem from a spouse and try to get the problem under control alone. However, one spouse’s debt is likely to affect the financial future of both people in a marriage. In certain cases, the spouse who is in the dark will not learn about the problem until the house or other major property is on the line. At that point, it is practically too late to reach a manageable resolution and the marriage will be under massive strain.

How to save a marriage from a debt crisis

Couples can preemptively remove the risk of financial infidelity by opening a shared banking account. Transparency and open communication can go a long way to solving problems, even if there is already significant debt in the marriage. In many cases, a married couple might mutually decide that bankruptcy is the right solution for saving the marriage and preserving a shared financial future.

Keeping secrets in a marriage is often far more damaging than tackling the problem together. Couples who decide that bankruptcy is the best option for handling their debt can seek guidance from a dedicated bankruptcy lawyer.