Financial adultery is a newer term you’re probably going to be hearing a lot more about. This recent survey indicates that HALF, yes, half the people surveyed have committed financial infidelity. As the economy languishes and people continue to struggle with low-paying jobs and increasingly burdensome amounts of student debt, this notion of couples hiding money secrets from each other is becoming increasingly common. Just within our circle of family and friends, we’re aware of several stories along the continuum from outright financial adultery or perhaps innocent sins of omission. I’m curious what your take is on these situations and what stories you have to share. Since some people we know read my posts, I’ll try to anonomize the accounts as much as possible, but here we go:
Wife Hiding Credit Card Debt on New Cards – So, we have a friend that confided that she’s been paying off credit card bills for various department stores and whatnot with money from her job. She pays all the bills so he has no idea. She said he’d be mad if he found out about the credit card bills she’s run up shopping. The unfortunate thing, I assume, is that since he’s a relatively high earner and probably putting money away from his salary into various accounts, they could probably be using his extra money to just pay off the credit card debt if he only knew about it. Think about it, rather than earning, say, whatever the stock market does, or 1% in a savings account, his wife’s income is paying probably 20% + on credit card interest.
… continue reading more real-life examples of financial adultery and share yours!