San Francisco, CA (PRWEB) February 11, 2014
In a new survey that looks at how married and divorced people deal with credit and debt, Credit.com found that almost half – 49% – of currently married couples reported their credit scores to be about the same as their partners, while only 26% of divorced couples said the same about their credit scores during the time they were married. Beyond that, 81% of married survey respondents who said they had similar credit scores to their spouse reported they were very satisfied (52%) or somewhat satisfied (29%) with how they were managing their credit and finances. They also tended to manage their credit and debt cooperatively with their spouse (61%) vs. divorced people when they were married (29%).
Yet overall only 37% of married couples are very satisfied with the way they are managing their finances, while 49% of divorced couples say the same.
More important takeaways from Credit.com’s 2014 Marriage, Divorce & Credit Survey:
Respondents are fairly evenly split on whether their credit scores improve or get worse after divorce
30% of divorced respondents say their scores are significantly better after their divorce
31% say that their scores got worse
16% say their scores are somewhat better
23% say that they don’t know
For divorced individuals, credit and debt usage grows during marriage (comparing prior-to-marriage vs. post-divorce debt levels)
Those with credit card balances increases from 53% to 70%
Those with mortgages increases from 32% to 54%
Those with auto loans increases from 38% to 46%
Those with student loans increases from 24% to 31%
Those with medical debt increases from 20% to 27%
It can take a long time to separate finances after a divorce
6% say it took more than 3 years
14% say it took between 1-3 years
15% say it took between 6-12 months
The remainder say it took less than 6 months
Many regret not talking about credit and finances before marriage
28% of divorced regret not discussing credit and financial goals before getting married vs. 10% of currently married people
66% say that money contributed to their divorce
45% of married say that credit/debt issues cause stress in their marriage
Satisfaction in how they are managing their credit and finances can improve as well
49% of divorced are very satisfied with how they are managing their finances after their divorce vs. just 37% of married
About the Survey
Credit.com Marriage, Divorce, and Credit Survey was based on data collected from 1,061 US consumers, aged 18+, using SurveyMonkey Audience, over the period January 31 – February 2, 2014.
Credit.com is a trusted source of financial information for consumers. Founded in 1994, and run by leading credit & money experts, Credit.com offers the latest news, advice, and free, easy-to-use tools to help consumers gain valuable insight, save money and make smarter financial decisions. Its flagship product, the free Credit Report Card, has been recognized as an innovative consumer finance tool by CNN, Wall Street Journal, Fast Company, and others.
To learn more about Credit.com’s Marriage, Divorce & Credit Survey, or other issues related to credit, debt and personal finance in general, please contact Michael Schreiber at michael(at)credit(dot)com or Gerri Detweiler at gerri(at)credit(dot)com.
*The Marriage, Divorce & Credit Survey was conducted among 1,061 adults online Jan 31 – Feb. 2 on behalf of Credit.com.