FORT LAUDERDALE, Fla. -Credit unions may be playing a role in both helping ruin marriages—but also may have an opportunity to be helpful financial counselors in the wake of a new survey that has found credit card debt is increasingly being blamed for the breakdown of marriages.
Debt.com’s fourth-annual Debt and Divorce survey found 42% of divorced Americans said credit card debt and spending contributed to their split—a sharp rise from 34% last year and 29% in 2023.
“The survey revealed that younger generations are especially vulnerable. Gen Z respondents were the most likely to cite credit card debt as a factor in their divorce, with nearly two-thirds pointing to it,” Debt.com said.
Millennials followed closely, while Gen X and Baby Boomers reported lower, but still significant rates, the company added.
“Couples will talk about everything from where to live to how many kids to have—but too many still avoid talking about money,” Howard Dvorkin, CPA and chairman of Debt.com, said in a statement. “When credit card debt goes unaddressed, it doesn’t just strain a budget—it strains a marriage. Our survey shows younger generations are paying the highest price for staying silent.”
Findings & Infidelity
The survey further found:
- Despite the growing financial strain, nearly two-thirds of respondents admitted they never sought professional help before filing for divorce. That includes financial planners, nonprofit credit counseling agencies, or debt settlement companies.
- Financial secrecy also played a major role. More than one-third of respondents said they or their spouse hid credit card debt during their marriage. Gen Z again led the way, with over half admitting to hiding debt.
- For the first time, the survey asked whether hiding credit card debt should be grounds for divorce—38% said yes.
- Nearly 70% of respondents agreed that hiding credit card debt constitutes “financial infidelity.” Yet despite these strong feelings, most couples didn’t seek help. Only a small fraction enrolled in debt management programs or consulted financial professionals.
Divorce Takes A Toll
According to Debt.com, the aftermath of divorce often brought more financial hardship. Over half of respondents said they took on new debt after their split, with 26% taking on five-figure balances over $10,000. Many also saw their credit scores drop—some by more than 50 points.
Additional Findings
The survey also found:
- Nearly one-third said their household income decreased by more than 25% within a year of their divorce. Others saw increases, but the financial instability was widespread.
- When asked whether they recovered faster emotionally or financially, 27% said they handled the financial aspect more quickly.
20% reported they’re still recovering—either emotionally or financially.
