How Financial Infidelity Hurts Relationships and Credit Scores in Georgia

Financial infidelity hurts both relationships and credit scores. Here are a few tips on how Georgia consumers can maintain financial honesty.

Georgia couples who’ve successfully maintained long term relationships know that trust is crucial. Also, while it isn’t everything, according to several studies, money is the number one source of conflict for couples in Georgia and throughout the U.S. Therefore, when one half of a couple commits financial infidelity, it normally spells trouble. Keeping secrets about anything is seldom good for relationships, but this is especially true when secrets can compromise a couple’s financial well-being. Often called “financial infidelity,” secrets involving bank accounts and credit cards can lead to relationship disasters.

When Financial Infidelity in Georgia Damages Credit Scores and Long Term Financial Goals

Of course, even married couples in Georgia with joint banking and credit card accounts keep their own, separate credit scores. However, they typically work toward common financial goals. In the short term, both parties in a relationship should care about paying bills on time and sticking to a common household budget. Then, in the long term, financing vehicles and purchasing a home typically involve a team effort too.

This is why, if one half of a Georgia couple makes a big purchase or runs up heavy credit card charges without the other’s knowledge, the consequences can hurt both parties. Here’s a hypothetical example.

Pat and Chris have been married for two years. They rent an apartment in Athens, Georgia, but want to eventually buy a house together. Without telling Pat, Chris opened a credit card and ran up a $5,000 balance. Then, when the payments got out of hand, Chris had to tell Pat about the account. Now, Pat has to cover more of the bills while Chris gets the credit card balance under control. The couple has also taken a step backwards in their pursuit of homeownership. Needless to say, Pat is very angry, and it will take some time before Chris can rebuild the trust that was lost between them.

Of course, this situation could have been worse. If Chris had defaulted on the credit card, and the account was turned over to debt collections, Chris’ credit score would have dropped significantly. This would make Chris a liability when the couple went to get a mortgage together. Not only that, but Chris would have to deal with the stress of debt collector calls on top of the relationship strain caused by the financial infidelity.

How Georgia Couples Can Avoid Financial Infidelity and Work to Protect their Credit Scores and Finances Together

Even Georgia couples that keep separate banking and credit card accounts should practice financial honesty with one another. After all, if you keep a purchase a secret because you think it would anger your partner, just think of how upset they’ll be if they find out about it later. Here are a few tips more on how to keep financial infidelity out of your relationship.

  • Create a budget together, and decide how much each of you should spend on a monthly basis. Then, stick to your plan.
  • If both of you work outside of the home, either pool your money and pay bills together, or divide them up fairly.
  • Be honest about credit cards, and keep credit card spending within your mutually agreed upon budget.
  • Talk about your long-range goals, and create a plan – together – that will help you achieve them as a couple.
  • Use the trust that you share as a couple to help you avoid impulse spending that could compromise your budget, your credit score, and your financial goals.

Georgia couples who cultivate and maintain financial honesty will have a much better chance at surviving all of the natural ups and downs that come with normal relationships. This is because they’ll have the assurance that they can trust their partner in all things – including money.

Why Georgia Couples Should Protect their Credit Scores by Regularly Checking their Credit Reports

Just as each half of a Georgia couple maintains an individual credit score, they also have separate credit reports. However, individuals in committed relationships should remind each other to check their credit reports. This is because, no matter how carefully you manage your credit cards and loans, creditors and credit bureaus make mistakes. Unfortunately, these organizations regularly misreport consumer information, and this leads to credit report errors.

In fact, either you or your partner, or both of you could easily have inaccuracies on your credit reports bringing down your credit score(s). This is why, at least once every 12 months, both of you should check your credit reports. Under the Fair and Accurate Credit Transactions Act (FACTA), this is how frequently you may request free copies of your credit reports from TransUnion, Equifax, and Experian. Just go to www.annualcreditreport.com to get all three credit reports from one website.

Then, if either of you find that mistakes and errors on your credit reports have brought your credit score down, contact Credit Repair Lawyers of America. When you reach out to our firm, an experienced credit attorney will do whatever it takes to get you clean credit reports – for FREE. Then, with your credit report issues fixed, you can move on toward your next big financial goal.

The Free and Legal way to Get Better Credit in Georgia

Don’t let errors on your credit reports bring your credit score down. At Credit Repair Lawyers of America, we’ve been cleaning up credit reports for consumers since 2008 for free. How do we do it? All of our fees come from the defendants in settled cases. This is why our clients pay nothing for the work we do.

Let’s start the conversation about what we can do for your credit. Set up your free consultation today by calling Attorney Gary Nitzkin at (404) 591-6680 or sending him a message through our contact page.

For more information about Free Credit Repair, please visit https://www.creditrepairlawyersam.com/credit-repair-free/.