Money stressors play a role in the disintegration of many marriages. A third of Americans who divorced said that credit card debt in particular had played a significant role in their decision to end their relationships.
But what is it that can make credit card debt so harmful for a marriage? Here are some of the factors:
The stress can be toxic
Having debt is stressful for most people. If someone is under a lot of stress they might snap at an innocent question from their spouse, when normally they would answer nicely. The problems and misunderstandings between them can then spiral.
Arguments may erupt about spending
Your spouse goes to the shop and buys what they think is appropriate for the week. Meanwhile, you are sitting at home worrying, having just received the latest credit card bill. As your spouse unpacks you notice a bottle of wine and get upset with your spouse telling them you cannot afford such treats right now. They think you are being unreasonable quibbling over ten dollars. You can see how an argument and hurt could easily result from this.
Guilt can lead to dishonesty
You went out with your friends for a quick (and cheap) drink last night. One thing led to another and you ended up in a restaurant with your final bill for the night passing $100. Having berated your spouse for spending ten dollars on wine, you feel too guilty to admit how much you spent. When they ask you what you did you lie about what you did to cover your spending up. Such events can soon break the trust in a relationship.
It takes a lot of courage to admit that you cannot pay your debts. Yet doing so allows you to examine your options, such as filing for bankruptcy. Options that could help to reset your finances and possibly save your relationship.