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Half of Americans Don't Know Their Spouse's Credit Situation, TransUnion Survey Finds
Tuesday, February 18, 2014 6:55 AM

According to a recent survey by TransUnion, a quarter of Americans surveyed (24.8 percent) said they don't discuss personal finances with their significant other because it is none of their business. Another 7.8 percent said they don't think you should discuss personal finances until after you are married.

Additionally, almost half (44.8 percent) of married Americans surveyed said they do not know their spouse/partner's credit score.

Courtney Moran, executive director of the Cornerstone Credit Union Foundation, says she’s quite concerned with these findings.

“Of course couples should have frank and honest conversations about personal finance before – not after - they marry. When you get married, how your partner manages debt, assets and credit impacts you as a couple,” she notes. “If one person in the marriage is credit challenged, for example, it could impact the couple’s ability to obtain joint credit. If one person is a saver and the other is a spender, it could lead to conflict in the marriage.”

Before marriage, Moran encourages couples to:

  • Talk about assets, as well as debts
  • Discuss your savings and spending habits
  • Be honest and open about your credit history
  • Know what one others’ short and long-term financial goals are
  • Share your thoughts on how the finances should be handled after marriage – will you have joint or separate accounts?

“Being honest and upfront about personal finances before you walk down the aisle will help to ensure a more harmonious union,” Moran adds.