The financial aspect may have played only a minor role, or it may have been the straw that broke the camel’s back, but fully 59% of divorced folks said that money played “somewhat” of a role in the dissolution of their marriage.
Specifically, credit scores were problematic: 36% of respondents said that their spouse’s credit score caused stress in their marriage. Rod Griffin, Experian’s director of public education, thinks couples need to communicate better before and during their marriages. Griffin says folks should discuss their finances before getting married, and “make sure they agree when it comes to financial practices such as budgeting and how to utilize credit throughout the marriage.”
Before and after “I do”
Seventy-one percent of women and sixty percent of men said that before they got married, they had a different picture of their spouse’s spending habits. But once the wedding was over, they said the way their spouse dealt with money was different than they’d anticipated.
Getting divorced isn’t cheap, and both members of the couple are usually negatively impacted by the cost of divorce. The average cost of divorce is almost $20,000, when cash and assets are both considered. And after a divorce, credit scores are often left in shambles. Forty-four percent of survey respondents said their credit was ruined by their ex. And 39% said they lost so much in their divorce, they’ll never get remarried. Of those who do plan to walk down the aisle again, 73% said good credit is an important quality in a future spouse.
This survey was conducted online, by Edelman Intelligence on behalf of Experian, during the first half of November 2016. Responses came from 500 adults in the U.S. who were divorced within the last five years.
Read Also Related News
Bankrate has recently conducted a survey of U.S. consumers’ payment habits amid the coronavirus. According to it, the number of Americans paying for grocery purchases with credit cards increased significantly in April and reached 46%....
The coronavirus pandemic has caused significant damage to the economy of the country and the whole world. No wonder that spending habits of Americans have also undergone some changes. For example, since the borders of many countries has...
Recently U.S. News & World Report - a multi-platform publisher of news and information, conducted an online credit card debt survey with more than 1,000 adult respondents. It turned out that a huge number of American cardholders were...
I need a credit card with a 0% APR to consolidate several of my credit cards into one payment. Please advise what card I can apply.
There are special credit cards that allow consolidation of other cards’ debts - the balance transfer credit cards. These cards usually come with a 0% intro APR on balance transfer offer. The zero introductory period varies, but as a rule it is between six months and two years. So you can find a credit card with...
The easiest way to find out if you have credit accounts under your name is to request a copy of all your three credit reports: Experian, Equifax, and TransUnion. The reports contain information about active credit accounts, its issuers, and the information about credit accounts balances. If you want to protect yourself...
To set a PIN on your credit card, you should call the credit card issuer at the number on the back of your credit card and request your PIN. After that, the issuer will mail to you your PIN. In the meantime, if you need cash, you can go to a bank office and present your credit card and picture ID.
The overall process of getting a credit card can take up to 30 business days. To know the status of your credit card applications you should contact the credit card issuer. A quick online search for the bank or credit card issuer's name should turn up a customer service phone number or email address. Banks and credit card...