Divorce And The Many Ways It Can Affect Your Credit Score
It is normal to find a person struggling financially after going through a divorce. It happens all the time. That is mainly because divorce always comes along with high price tags. After it, it is normal to struggle with bills and sometimes miss out on payments. This ultimately means your credit score may have to suffer. But just how does this come about? How can one’s credit score worsen after a divorce without his or her knowledge? Read on to find out.
No one can go through a divorce with a smile. The whole process is usually painful. That explains why the temptation to revenge against a spouse who filed the divorce is always there. It happens where a couple ran a joint bill account. Right after a divorce, the vindictive ex can easily ignore bills. But this does not just happen with joint bill accounts. It also happens with credit cards. So if you for know for sure that your spouse knows your credit card details, expect the worst.
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What to do
Start by assessing your situation. Find out if you can talk to your spouse and agree on a few things such as how you can manage the joint bill account. This may not be easy but do it anyway. Should you be successful in agreeing what to do with your joint bill account, you will have the peace of mind that your Ex will not ignore it. The same applies to your credit card. You will have the peace of mind that your ex will not revenge against you by spending on your account. This reiterates how important it is to always go onto your spate ways in peace. Note that you can always consider having sessions with a financial expert to help you understand the effects of divorce on your credit score and what you can do about it.