#USA #Fort Lauderdale #Credit Card Debt #Divorce Rates #Debt Survey

The Growing Connection Between Credit Card Debt and Divorce

Recent findings from Debt.com's fourth-annual Debt and Divorce survey signal an alarming trend: credit card debt is playing a significant role in the dissolution of marriages. This year, 42% of divorced Americans attributed their marriage breakdown to credit card debt and overspending—up from 34% last year and 29% in 2023. The realities of financial strain are hitting closer to home than ever, and the emotional toll is becoming difficult to ignore.

According to Michael Koretzky, the editor-in-chief of Debt.com, infidelity, incompatibility, and, increasingly, financial issues, particularly credit card debt, are the top factors leading to divorce. The survey highlights how couples, especially from younger generations, are affected by this trend.

Debt as a Major Factor in Divorces

The survey results reveal that:

• - 42% of respondents said credit card debt and overspending were pivotal reasons behind their divorce.
• - 37% admitted to concealing credit card debt from their partner.
• - A staggering 38% believe that hidden debt in itself is sufficient grounds for divorce.

These statistics underscore a growing recognition of the seriousness of financial issues in relationships. While financial transparency is crucial, many couples still avoid discussing money matters, fearing conflict or discomfort. This silence can become a breeding ground for resentment and distrust, potentially leading to divorce.

Despite the high stakes, 65% of couples opted not to seek any type of professional help to address their debts before deciding to end their marriages. As a result, many ended up with greater financial liabilities—nearly one in five respondents reported accumulating at least $15,000 in debt post-marriage.

The Vulnerability of Younger Generations

It's particularly concerning that younger couples, notably those in Generation Z, are experiencing higher divorce rates attributed to credit card debt. Nearly two-thirds of Gen Z participants identified credit card debt as a factor in their split, followed closely by Millennials. This is indicative of a cultural shift where financial pressures are more openly discussed—but still not adequately addressed.

Howard Dvorkin, CPA and Chairman of Debt.com, highlights that “couples will discuss everything from living arrangements and family planning to travel, yet they often overlook the critical topic of finances.” The lack of proactive conversations regarding debt can lead to more severe consequences, straining not just family budgets but the very foundation of marital partnerships.

Financial Secrets: A Recipe for Disaster

Another aspect of this issue is 'financial infidelity.' The survey showed that a significant portion of respondents kept credit card debts secret from their spouses. Over one-third of the married individuals reported hiding debt, with Gen Z being particularly open about this deception—more than half acknowledged concealing financial obligations from their partners. When the survey probed deeper, 38% of respondents believed that hiding such debts should be classified as a reason for divorce.

Dvorkin emphasizes that credit card debt has transformed into one of the primary factors threatening marital stability. “It’s the secrecy, the stress, and the lack of communication that can ultimately destroy relationships,