One in five Americans have spent $500 or more on a purchase without their partner’s knowledge, according to a CreditCards.com report released Wednesday…It’s not just purchases that many are keeping secret. Approximately 7.2 million Americans (4.4 million men and 2.8 million women) have hidden a bank or credit card account from their live-in spouse or partner, the report found.
Look, marriage advice is beyond the scope of what I do here. I do NOT want to get in the middle of that one.
But if you’re keeping a credit card secret from your spouse, that’s an indication you might not be using your money or credit wisely.
Remember: the purpose of credit cards is to buy things you would buy anyway, not to bring future consumption forward. Pay off the balance in full every month. Used properly, they are convenient and you can earn small rewards like cash back. Used improperly, they can ruin your life. Even a couple of months of interest charges can eat up years worth of rewards points.
It may be time for an honest self-assessment of how well you’re using your credit cards.