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What is financial infidelity in a marriage?
Forty-four percent of Americans admit to financial infidelity against their spouses
Creditcards.com industry analyst Ted Rossman breaks down the growing number of Americans being financially unfaithful, hiding bank accounts and spending in secret.
There are three main types of financial infidelity: spending money your spouse/partner wouldn’t be comfortable with, secretly carrying debt and keeping a hidden credit card or bank account. I’d venture to guess that you’ve either done this, been a victim of this or know someone who has. It’s that widespread. And in my experience, millennials are the most likely to be hiding something.
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Financial infidelity is a big problem because it’s hard enough to meet your financial goals when you’re pulling in the same direction. It’s almost impossible if you’re engaging in a tug-of-war against each other.
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Secret spending often starts innocently enough. Perhaps one member of the couple gets a little carried away at the mall or with some late-night impulse buying online. But then the secret takes on a life of its own. He or she hides the merchandise, conceals the dollar amount and gets defensive. “Oh this old thing? I’ve had it for months.”