It’s your business if you have a credit card. You’re a grown up.
But when you’re in a relationship, or part of a family and your financial decisions impact other people, it’s not so black and white.
Hiding money secrets, like debt – and even how much those shoes really cost – is called “financial infidelity” and John McDermott, writing for MEL magazine says often hiding debt from your partner is a sign there’s something terribly wrong with your relationship.
Financial expert Canna Campbell talks about why a man is not a plan. Article continues…
He cites a Harris Poll in the U.S. has found 42 percent of people in committed relationships commit some form of financial infidelity, up from 33 percent the year before which means we’re getting worse at being honest. And it’s not good news for relationships.
I’m speaking from personal experience.
Because I’d been hiding a secret credit card from my husband for years. And the day he found about it was a equal parts shocking, and a huge relief.
He didn’t make me feel bad about it, which made it worse. I think he was just disappointed.
My husband just weaved it into the conversation. It went something like…
“I love you and I know we are going to be together forever and I know our relationship is strong, which is why I know it’s going to survive my wife having $5000 in credit card debt that I didn’t know about.”
And if I’m honest, I knew this day would come.
Just years earlier after barely surviving personal bankruptcy after my husband’s business collapsed in 2008, we’d sworn off all debt. We’d pledged, through tears, that we would never do anything to put our family in a financially vulnerable position again.