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22 Apr 2019

How to Take Out a Loan without Committing Financial Infidelity

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Have you ever lied to your spouse about money? Financial infidelity can harm both your marriage and your financial life.

When you feel it’s time to take out a personal loan, you will have to be honest with your partner. It may seem like a small lie, but it may cause irreparable damage to your marriage. Here is how to take out a loan without lying to your partner and committing financial infidelity.

What is Financial Infidelity?

By definition, every time a person spends any amount of money or incurs any debt unknown to their spouse, they are committing financial infidelity. Contrary to popular belief, you can commit financial infidelity even with small amounts of money.

Financial infidelity includes making financial decisions without informing your spouse. All forms of financial infidelity may lead to loss of trust and intimacy in a relationship, while also worsening the couple’s financial situation.

Financial infidelity today is more widespread than ever. About one in five Americans has a bank account they keep hidden from their spouses. In most states, financial infidelity is valid grounds for divorce, so the risk is real.

Avoiding Financial Infidelity

The cardinal rule to avoiding financial infidelity is being honest about your financial decisions. As with many things in a marriage, communication is key to a healthy financial life.

Be open with your spouse about any financial decision even if you worry they might be against it. It is the only way to handle your common financial life with honesty and dignity.

Surviving Financial Infidelity

But what happens if you have already committed financial infidelity? Sometimes it is easy to make just one purchase or take ut an online loan and omit telling your spouse, but you’ve already committed financial infidelity.

If you have lied to your spouse about your financial situation, you will need to assess the situation and find a way to come clean as soon as possible. The more you let financial infidelity hidden, the more lies and hidden expenses you will incur.

Facing the Facts and Coming Clean

If you have incurred a large debt or taken a high cost loan like a payday loan online unbeknownst to your spouse, you might have to contact an expert to create a debt plan before talking to your spouse about it. As with all trust problems, this is not going to be easy, but the more you let it, the worse it will become.

So, face the facts, make a plan to deal with the debt, and come clean to your spouse about your secret financial dealings. Remember that you can’t hide financial infidelity forever, so it is best to deal with it sooner rather than later.

Learn How to Take Out a Loan the Smart Way

Now that you know how to take out an installment loan without committing financial infidelity, come on in to cultivate your financial health. Here at Bonsai Finance, we know that personal finance is confusing. Our goal is to be the best source for financial advice for everyone.

In our blog, you will find financial information, expert advice, and the tools you need to improve your financial savvy. We aim to offer objective and independent advice without bias and completely free of charge. Here are some other articles you might find helpful:

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