Are you hiding debt from your spouse or partner? Financial infidelity has a high price to pay. In an article for the Calgary Herald, I wrote about married couples who hide debt — big or small.
For some couples, discovering that their partner has been hiding debt from them is as devastating as discovering that their partner has committed adultery. The size of the debt often doesn't correlate to whether or not the couple can survive the betrayal.
If you're hiding debt from your partner, it's time to confess. Sit down and determine exactly how much debt you have. Know the interest rate, and make a proposed plan for paying it off. Then set aside a time to talk to your partner and be completely honest about what you've done. Take responsibility for your actions and involve them in the solution.
Whether or not you suspect your partner is hiding debt from you, all couples should request their credit report annually (you can do so for free at equifax.ca), and review them together for errors. If your partner resists, have a frank discussion about why they don't want to request their report. If you know or discover that you're married to a Money Moron, you can even apply for Gail Vaz-Oxlade's new television show, now casting.
Like this post? You might like Request and Read Your Credit Score or What is Mad Money?
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