Come here often? Make your homepage » close


Your XFINITY Connect session has timed out due to inactivity. Click here to go back close

DailyFinance: Couples' Money Secrets—Financial Counselors Reveal Tales of Lies and Debt

Gambling Away Marriages

Mike Hoggan, branch director of Rural Dynamics consumer credit counseling services in Billings, Mont., worked with a husband who had a gambling problem. He had gambled away the couple's life savings, but Hoggan was able to help him become debt free and begin saving for a home. The husband decided to "go big" and win back their savings in Las Vegas. Unfortunately, he came back to Montana with more than $160,000 in debt. The couple is now divorced.

In Stillwater, Minn., Linda Humburg, a counselor manager with FamilyMeans consumer credit counseling services, says a wife found out that her husband was in a debt management program only after they applied for a mortgage refinance. The husband had used credit cards to pay for his gambling addiction and then had spent 18 months on a debt management program to repay them.

Bankruptcy was not an option because they had plenty of home equity, but the wife refused to refinance and take cash out to pay the debt. In the midst of the counseling session, the wife punched her husband in frustration.


More From DailyFinance:
Marriage and Money: What's the Best Way to Join Finances with Your Fiance?
Where Does Your Spouse's Credit Card Debt Go When They Die?
Adultery Between Married Partners: A Recession Strategy?

The opinions expressed are solely those of the author and do not necessarily reflect the views of Comcast.

Ad Info - Ad Feedback

Ad Info - Ad Feedback