Infographic: In divorce, women's credit suffers more
Data whiz and visual storyteller
Almost 6 in 10 recently divorced Americans say finances played a role in the breakup of their marriage, according to a recent survey by Experian. And ending the marriage didn’t necessarily put an end to the money stress or the credit damage, especially for women.
More than half of recently divorced women (54 percent) said their credit score declined during marriage, compared to just 42 percent for divorced men. Half of women also reported their former spouse had ruined their credit, while only 37 percent of men said the same.
Women also were more likely to say their ex’s credit score was a source of stress, at 36 percent versus 26 percent for men. In fact, only about a third (35 percent) of all respondents said they and their former spouse agreed on how to use credit as a couple.
Financial losses from the divorce process itself were significant, averaging $19,922 per divorced individual, with half of respondents expressing worry about their finances after the divorce. More than a third (34 percent) went so far as to say their divorce put them in financial ruin.
Fortunately, almost half of respondents (48 percent) say their credit has since improved. But they are now wary, with 4 in 10 saying they’ll never walk down the aisle again, and almost three-quarters (73 percent) saying that, if they do, it will only be with a partner who has good credit.
Credit reporting bureau Experian commissioned this online survey from Edelman Intelligence, targeting 500 adults nationwide who have divorced in the last five years. The survey data was collected in November 2016 and findings released by Experian in February.
To use the graphic on your site, use the following code:
- Credit overtakes debit as preferred bill payment method – Since 2016, consumers have preferred credit over debit for online retail, travel and digital media. A new study shows paying bills online is now on that list ...
- Most drivers swipe debit at the pump in lieu of rewards-earning credit cards – While credit cards seem an obvious choice for pay-at-the-pump convenience while also potentially earning rewards, more drivers are swiping a debit card for their fill-ups ...
- Millennials most likely to rack up card debt with things they don?t need – Americans have plenty of expenses they consider non-essential these days. And for millennials, those discretionary purchases are taking a big bite out of their budget ...