Have you ever hid a credit card, downplayed your debt, or fibbed a little about how much you make? From your spouse? Love and money experts say those little white lies can be disastrous for your relationship.
A recent survey found that not all couples are in sync financially. And that can lead down a path of trouble. The survey revealed that:
31% of Americans who have combined their finances say they've lied to their spouse about money.
67% of those say it caused arguments.
16% broke up as a result.
Many of those lies are about debt.. a potential marriage destroyer. Research from Utah State University shows thrifty couples are happiest and too much debt can ruin a marriage. Professor Jeffrey Dew says, "Couples with consumer debt tend to fight more. They are more stressed about their money and some recent research that I have done even shows that consumer debt is associated with divorce."
He says a couple with $10,000 in debt and no savings is about twice as likely to divorce as a couple with $10,000 in savings and no credit card debt.
That's a good example that when couples can take the financial pressures off their relationship, they're able to focus on each other and not their money problems.