Joint credit cards are a smart move for married couples for a couple of reasons. The first of which is that things will be pretty cut and dry if the marriage ends in divorce. Dividing the debt will be as easy as looking at the latest statement for each credit card. But, what if one of the parties has a secret credit card? Let's explore this in today's post.
Should your marriage be headed for divorce, you will want to deal with as few surprises as possible. No one wants to be hit over the head with even more debt than they already know about, especially when it has been hidden all these years. A spouse with an individual credit card is a dangerous thing.
Once you find out about the hidden credit card, you will obviously have some questions. How large is the balance on the card? Has the spouse been making only the minimum payments? Has the spouse been making payments at all? Have any payments been late?
All of these issues could wind up affecting your own credit score because you are married and the debt will be in your name too. That's why it is best to only hold joint credit cards with your spouse. There will be no surprises if you wind up getting divorced. You can also review the statements together each month.
Divorce is always a touchy subject. It can become very challenging when one spouse has a hidden credit card with a ton of debt racked up on it. Both parties will still be responsible for the debt, even if the card is only in one person's name.