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Money Talks
Money Talks

Before you say I do, check your beloved’s credit, Experian executive gives credit tips

Myrdith Leon-McCormack

Yes, I said it. “Get a credit check before you say ‘I do!” According to studies, financial disagreements are the number one reason for stress in a marriage, and a leading reason for divorce. Money issues typically occur from lack of money, or someone overspending.

• 59% of people said that finances played a role in their divorces, and 20% said it played a “big” role.

• Average financial loss from divorce reaches nearly $20,000 (in cash and assets).

• 44% said their former spouse ruined their credit.

• 59% of respondents regret not being more financially independent in their marriage.

So how can one avoid this dreadful fate? Simple. Talk about it before and during the marriage says Rod Griffin, Director of Public Education at Experian. Yes, Experian, the company that gives you more than just your credit score.  

They want to help you save your marriage by educating you on the things that mom and dad may not have told you about when it comes to finances.

I will agree, it’s not the most romantic thing to do when dating someone—asking them, “What is your credit score?” and sharing yours—but unless you have that heart to heart discussion before you say I do, you will risk being a statistic. Don’t let life force you into that discussion in an unpleasant way because that can destroy your relationship.

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Summer 2017