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Most Common Money Lies in Relationships


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Issues with financesFinancial infidelity can pose a problem in romantic relationships. Nearly a third of all couples experienced it in the last year. recent survey from U.S. News & World Report.

Financial infidelity can be similar to romantic infidelity. However, it is where a partner chooses to lie about something, such as money.

Financial infidelity comes in many forms. However, the most common money-related lies were identified in the results of the survey. relationshipsSecretive purchases (31.4%), hiding debts (28.5%) and income dishonesty (22.6%) were some of the other factors.

These numbers show you how important money is to our partners. To overcome lying to your spouse regarding the amount of credit card debt that you have or to expose your partner’s dishonesty about their income, it is important to gain a greater understanding of each of your personal finances and your partners.

“Couples have likely to be able to communicate with each other in a variety of areas.” Beverly Harzog, credit card expert at U.S. News & World Report, tells Select. The important thing about them is their ability to grow and make compromises in budgeting and spending. You have many options for improving your financial literacy, including books, websites, and apps that are free.

Being able to understand how and where your money is going together can save you from financial infidelity. It’s important to use resources together to help you both get to the same place, whether it be budgeting or chipping away at your debt.

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Financial infidelity is strongly linked to major debt loads

For many couples, carrying the weight of debt can make or break a relationship — especially when one partner doesn’t know about the other’s financial burden.

U.S. News’ survey found that more than half of those who had experienced financial infidelity also were in debt. Only 22.7% of couples who did not experience financial infidelity were also in debt.

Take control of your debt or, at minimum talking openly about it with your partnerThis is an excellent first step to getting on the same page. Harzog states that couples need to agree on debt reduction. Harzog says, “You are setting a shared financial goal. You need to work together to get it done.”

You or your partner are in credit card debt. What should you do?

“Most important [credit card]Harzog says that there are apps available to assist you in tracking spending. You can still use the very app if you need it. good credit score, consider using a balance transfer credit cardTo get rid of your debt. You can reduce your expenses once you have chosen a strategy to get rid of your debt.

Balance transfer cards offer no interest on balance transfers for a set period of time — usually for at least six months and up to 21 months. In the initial phase, there is no interest on balance transfers. 0% APRYou can repay your debts in a reasonable time frame without incurring high interest rates. You can pay off your debt without paying high interest charges. Citi® Diamond Preferred® CardThe Citi Simplicity® CardBalance transfers are eligible for an initial 0% APR from the day of your first transfer. After that, you will be charged a variable 13.74% to 23.74% APR on Citi Diamond Preferred or 14.74% to 24.74 APR on Citi Simplicity. All balance transfers must be done within 4 months. Balance transfer fees for each card are $5, or 5% depending on the value of the transfer.

Citi Simplicity® Card

  • Get Rewards

  • Enjoy a Welcome Bonus

  • Annual Fee

  • Intro APR

    Balance Transfers: Zero for 21 Months

  • Annual APR

    Variable between 14.74% and 24.74%

  • Transfer fee for balance

    Minimum $5; 5% on each balance transfer

  • Foreign transaction fee

  • Need credit

A second option is also available. earn cash backYour spending habits are the Citi® Double Cash Card. The card has zero interest balance transfersFor the first 18 months, you will receive a 13.99%-23.99% variable APR. Cardholders earn 2% cash back on all eligible purchases (1% when they buy and an additional 1% after they pay their credit card bill). Be aware that the interest rate will start once you’ve completed your 0% intro period.

Citi® Double Cash Card

  • Get Rewards

    Cashback: Get 2% on eligible purchases, plus an extra 1% when you pay your credit cards bill

  • Enjoy a Welcome Bonus

  • Annual Fee

  • Intro APR

    Purchases: Balance Transfers: No Charge for the First 18 Months

  • Annual APR

    12.99%-23.99% variables on balance transfers and purchases

  • Transfer fee for balance

    If balance transfers are made within the first 4 months after account opening, there is an initial balance transfer fee at 3% ($5 minimum); thereafter, a balance fee at 5% ($5 maximum) will apply.

  • Foreign transaction fee

  • Need credit

How to help your partner or you if they have student loans

Do you and your spouse need to be motivated to pay off their student loans?

Apps such as ChipperThere is a round-ups option that lets users use any spare change to reduce student loan payments. everyday purchases. This is the tool that you will use On topBy making the minimum monthly repayment on their student loans each month, you can be sure that your money is always going towards your loans.

Chipper will help your partner or you to devise a plan to repay student loans. It connects the user with forgiveness programs, income-driven repayment plans and other resources to help potentially lower monthly payments.

Private student loan borrowers should consider this option. refinancing your student loans for a lower interest rate — especially now with the expectation that we’ll see rate increases come March. If you refinance your student loansWith this program, you have the opportunity to secure a lower rate. You can also prolong or shorten your loan term depending upon how fast you wish to repay your loans. These options could help you make your monthly repayments more manageable, and ultimately save you money.

SoFi Student Loan RefinancingThis is an excellent option for those who want to refinance at lower rates and still have some protection in case of financial emergencies. A cosigner is required for applicants with lower credit scores to get better rates or refinance terms.

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Editor’s Note Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.