10 Ways People Rack Up Debt


6

Divorce

There's ongoing debate about whether or not money is a leading cause of divorce. However, there is no debate that divorce causes even further financial problems. Not only is the process of divorce expensive, one spouse's debt could be assumed by both parties as finances are split. If one spouse racked up thousands of dollars in credit card debt on a cosigned card, both spouses will be responsible for the bill. Additionally, if divorce occurs in one of the nine states that follow common property laws, both parties are responsible for debt obtained during the marriage even if only one spouse is named on the loan or credit card.