Nearly one in four Americans in committed partnerships admit to hiding money-related information from their significant others.
That's according to a 2023 survey conducted by Bankrate.
For one couple, their hidden financial secret was particularly staggering.
What Happened: Aldo and Cassandra, who jointly earn an annual income of $165,000, had accumulated a massive $520,000 in debt.
Their financial burdens include a $339,000 mortgage, approximately $14,000 in student loans and various planned expenses over the past couple of years, such as home renovations and multiple vacations.
According to CNBC, the couple resorted to credit cards and personal loans to cover the shortfall. This brought their total debt to over half a million dollars — including more than $163,000 on personal loans and credit cards.
It Gets Worse: Cassandra says she was aware of the mortgage and some credit card debt, but remained oblivious to how frequently credit cards were being used to sustain their lifestyle since Aldo managed all of their finances.
The revelation left her shocked and feeling that they had been living a life they couldn't afford.
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"When he wrote it all down, I almost fell off the chair," Cassandra said on Ramit Sethi's podcast, "I Will Teach You to be Rich."
While Aldo's intentions were to shield his wife from financial stress, Sethi pointed out that postponing transparency and planning allowed the problem to worsen.
What's Next: Sethi emphasized the importance of including one's spouse in financial decision-making and fostering an open partnership to discuss money regularly, rather than acting as a financial "hero" by taking sole responsibility.
Regarding Aldo and Cassandra's debt, Sethi cautioned against quick fixes and urged them to commit to a long-term strategy.
Sethi recommended three key rules:
Allocate bonuses or commissions toward debt repayment Discontinue the use of credit cards Honestly evaluate discretionary spending to reduce unnecessary expenses and prioritize debt reduction.
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This story is part of a series of features on the subject of success, Benzinga Inspire.
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