The information provided on this website does not, and is not intended to, act as legal, financial or credit advice; instead, it is for general informational purposes only. Information on this website may not be current. This website may contain links to other third-party websites. Such links are only for the convenience of the reader, user or browser; we do not recommend or endorse the contents of any third-party sites. Readers of this website should contact their attorney, accountant or credit counselor to obtain advice with respect to their particular situation. No reader, user, or browser of this site should act or not act on the basis of information on this site. Always seek personal legal, financial or credit advice for your relevant jurisdiction. Only your individual attorney or advisor can provide assurances that the information contained herein – and your interpretation of it – is applicable or appropriate to your particular situation. Use of, and access to, this website or any of the links or resources contained within the site do not create an attorney-client or fiduciary relationship between the reader, user, or browser and website owner, authors, contributors, contributing firms, or their respective employers.
Credit.com receives compensation for the financial products and services advertised on this site if our users apply for and sign up for any of them. Compensation is not a factor in the substantive evaluation of any product.
Whether your Halloween costume is the latest animated character or a menacing clown (please don’t), many of us use the holiday to feel free to step outside ourselves and become someone else for one night.
But, get this: For nearly half of U.S. adults, donning a mask of secrecy doesn’t pose much of a challenge.
According to a 2016 Harris Poll done on behalf of the National Endowment for Financial Education (NEFE), 42% of adults in the U.S. reported that they have purposely deceived their partners in matters of household finance. Why is this revelation so terrifying?
“When you agree to combine finances in a relationship, you’re also agreeing to a certain degree of cooperation and transparency in your money management,” Ted Beck, president and CEO of NEFE, said in a press release.
This financial game-playing covers a broad field.
While nearly one-third of survey respondents didn’t list their reasons for lying about money, others (45%) reported a partner’s disapproval and embarrassment (25%) as their primary motivations. On the other hand, 32% said they believed their finances should remain private regardless of relationship status.
Your credit scores are personal, but that doesn’t mean others can’t damage it. In the case of financial infidelity, joint account activity poses an immediate risk to the factors that determine your score.
You can see where your credit currently stands by viewing two of your credit scores for free, updated every 14 days, on Credit.com.
Financial infidelity can cause serious relationship trouble. According to Beck, it isn’t the severity of financial infidelity that destroys relationships; it’s the deception itself.
“Hiding or lying about small amounts of money can damage a relationship just as effectively as a high-dollar deceit,” he said.
While it’s rough to be lied to, especially about money in your marriage, you may not want to pack your bags just yet. In addition to confessing their lies, 54% of those surveyed resolved to repair things with their partners by taking a few practical steps that you may also be able to implement.
Image: gpointstudio
April 11, 2023
Uncategorized
September 13, 2021
Uncategorized
August 4, 2021
Uncategorized