Most people do not think of debt as contagious or something they can contract from another person, but a recent report indicates that catching debt is entirely possible. In terms of a romantic relationship with a serious partner or spouse, people in Florida can end up taking on the burden of their partner’s finances. Things like credit card debt and secretive spending can suddenly become the other person’s problem.
In general, couples — especially those who are married — deal with debt. However, when one person becomes financially liable for the debt accumulated by the other, there may be a problem. A June 2018 survey from Finder.com found that around 74 million adults have shouldered the burden for a current partner or ex’s debt. Those 74 million individuals collectively took on about $250 billion in this type of acquired debt, which averages to about $11,845 each.
Common causes of this sudden financial responsibility include one person making purchases in the other’s name, using joint accounts to make purchases, hiding spending and taking out loans. Things like student loans did not factor as highly in this type of shared-debt, perhaps because of the nature of this debt and because many people accumulate the debt before marriage. Hiding debt before marriage, however, can be a risk factor for transmitted debt.
Things like credit card debt and bills from secret purchases can have profoundly negative impacts on people’s lives, especially when they were not the ones who spent the money. Unfortunately, most creditors do not take into account who actually spent the money — they only care about who is responsible for paying it back. Bankruptcy can be an effective tool for people in Florida who are dealing with the overwhelming effect of transmitted debt. Not only can filing stop calls and communications from harassing creditors, it can also provide a proven process to debt relief.