Whether you’re in a marriage or a long-term relationship, it’s not unusual to merge your finances. In some cases, this is a matter of trust. In others, it’s a case of practicality. It may be that you have a house together, or kids. Then, joint bank accounts are a logical and easy way to move forward. They ensure one partner doesn’t pay for everything. That can work towards an equal and happy relationship.
The only trouble is, the lines here can get blurred. For the most part, that shouldn’t be an issue. If you aren’t careful, though, you may make some fatal mistakes. One partner may spend a lot more than the other. You may even take merging too far. In some cases, you may even get into the habit of using each other’s credit cards without thought.
On the outside, that doesn’t sound like a big deal. You share money in every other, right? But, spending on your partner’s credit card is often a bad idea, even if they permit you to. Read on to find out why.
You could find yourself in trouble with the law
If a shop has a suspicion a card doesn’t belong to you, they’re within their rights to call the police. In states like Illinois, having someone else’s card in your possession is grounds for arrest. Admittedly, the fact your partner gave permission should see your name cleared later. But, you may have to seek legal representation before getting off the hook. A simple trip to the store could end with you spending the night in prison and then coming home to read martinandkent.com and others like them who deal in criminal defense. When you consider it like that, is this really worth it?
Monetary disputes can fast get messy
It’s also worth noting that monetary disputes in a relationship can get messy. As can be seen from sites like www.cnbc.com, they can even end marriages. It’s too easy to step over the line when borrowing someone’s credit card. When using your joint account, you can buy what you want because you contribute. That isn’t the case with your partner’s card. As such, slipping up with an impulse buy while you’re out could be all it takes to cause extreme arguments. Why take the risk?
You don’t know what they can afford
While you and your partner may dedicate a set amount to a joint fund, few of us know the intricacy of our partner’s finances. If your partner was struggling with money, for instance, they might choose not to tell you. That’s their prerogative until you go maxing out their credit card. You may assume they can afford the bill no problem, but their finances might not be up to it. As such, you could inadvertently land your partner in debt. That can put a considerable strain on them and your relationship. If you weren’t convinced already, then, this should be proof that credit is best kept where it’s supposed to be.