The most common money is in relationships

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Financial problems can be a major obstacle in romantic relationships, with nearly a third (30%) of couples experiencing financial infidelity in the past year, according to a recent US News & World Report survey.

Similar to infidelity in love, financial infidelity occurs when a partner deliberately chooses not to tell the truth, but in this case it is something around money.

While financial infidelity can certainly take many forms, survey results identified that the biggest money-related lies that emerged in relationships were secret shopping (31.4%), hiding debts (28.7%) and dishonesty regarding income (22.6%).

These numbers help paint a bigger picture of the impact of money on our partnerships. A key part of overcoming lying to your spouse about huge credit card debt you might have, or if your partner is being dishonest about how much money they actually earn, is to better understand your own personal financial management and that of the other. skills.

“Couples are likely to have different levels of financial literacy,” Beverly Harzog, credit card expert at US News & World Report, told Select. “The important thing is that they grow together and are able to compromise when it comes to budgeting and spending. There are many resources available to deepen your financial knowledge, such as books, websites, and free apps. “

In short, getting to know together how your money works and where your money goes can help you avoid long-term financial infidelity. Whether it’s reducing debt or being proactive about budgeting, leveraging resources to come to terms with each other is key.

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There is a strong correlation between financial infidelity and high debt

For many couples, carrying the weight of debt can make or break a relationship, especially when one partner is unaware of the other’s financial burden.

According to the US News survey, more than half of couples who experienced financial infidelity were also heavily in debt. On the other hand, among those who did not experience financial infidelity, only 22.7% were in debt.

Tackle your debt, or at least talking about it openly with your partner is a good first step to getting on the same page. “Couples need to be in agreement when it comes to debt reduction,” Harzog says. “You set a common financial goal and you have to work together to get there.”

What to do if you or your partner have credit card debt

“Most of the great [credit card] issuers have apps to help you track expenses,” says Harzog. “If you still have a very good credit score, consider using a balance transfer credit card to get out of debt. Once you’ve decided on a strategy to get rid of debt, cut spending to help you reach your goal.”

Balance transfer cards offer no interest on balance transfers for a set period – usually for at least six months and up to 21 months. During the introductory period of the 0% APR, you can pay off your debts without paying costly interest charges. For example, the Citi® Diamond Preferred® Card and Citi Simplicity® Card offer an introductory APR of 0% for 21 months on balance transfers from the date of the first transfer (after that, a variable APR of 13.74 % to 23.74% on the Citi Diamond Preferred card and a variable APR of 14.74% to 24.74% on the Citi Simplicity). All transfers must be completed within the first 4 months. The balance transfer fee for each card is $5 or 5% of the transfer amount, whichever is greater.

Citi Simplicity® Card

  • Awards

  • welcome bonus

  • Annual subscription

  • Introduction AVR

    0% for 21 months on balance transfers; 0% for 12 months on purchases

  • Regular APR

    14.74% to 24.74% variable

  • Balance Transfer Fee

    5% of each balance transfer; $5 minimum

  • Foreign transaction fees

  • Credit needed

Another good option that also allows you to earn money on your expenses is the Citi® Double Cash Card. This card offers zero interest on balance transfers for the first 18 months (after that, 13.99% to 23.99% variable APR). Cardholders earn 2% cash back on all eligible purchases (1% when they purchase and an additional 1% after they pay their credit card bill). Keep in mind that once the introductory 0% APR period is over, interest will kick in, so you want to make sure you pay off your balance within that interest-free period.

Citi® Dual Charge Card

  • Awards

    2% Cash Back: 1% on all qualifying purchases and an additional 1% after you pay your credit card bill

  • welcome bonus

  • Annual subscription

  • Introduction AVR

    0% for the first 18 months on balance transfers; N/A for purchases

  • Regular APR

    13.99% – 23.99% variable on purchases and balance transfers

  • Balance Transfer Fee

    For balance transfers made within 4 months of account opening, an introductory balance transfer fee of 3% of each transfer ($5 minimum) applies; after that, a balance transfer fee of 5% of each transfer ($5 minimum) applies

  • Foreign transaction fees

  • Credit needed

What to do if you or your partner have student loans

Does your spouse need motivation to finally reduce their student debt?

Apps like Chipper have a special roundup feature that allows users to reduce their student loans by applying spare change from their daily purchases. This tool, which should be used at the top users making the minimum monthly payment on their student loans, will ensure that you are constantly investing money in your loans without having to think about it.

Chipper can also help you or your partner develop a strategy for repaying student loans by connecting the user to forgiveness programs and income-driven repayment plans to potentially help lower monthly payments.

For private student borrowers, it’s worth considering refinancing your student loans at a lower interest rate, especially now that we hope to see rate increases in March. When you refinance your student loans, you have the option of getting a lower rate, and you can extend or shorten your loan term depending on how quickly you want to pay off your loans. This could make your monthly payments more manageable and save you money in the long run.

SoFi student loan refinance is a great option for borrowers looking to refinance at a lower rate while still having some protections should their financial circumstances change. For even better refinance terms or lower rates, applicants with a lower credit score can also apply with a co-signer.

Check out Select’s in-depth coverage at personal finance, technology and tools, The well-being and more, and follow us on Facebook, instagram and Twitter to stay up to date.

Editorial note: Any opinions, analyses, criticisms or recommendations expressed in this article are those of Select’s editorial staff only and have not been reviewed, endorsed or otherwise endorsed by any third party.

About Janet Young

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