Your financial reputation is important for many reasons, such as when you need to convince Florida financial institutions that you are a trustworthy individual who makes regular debt payments and handles money responsibly. Unfortunately, an abusive partner or spouse can do serious damage to a person’s financial reputation. The consequences can leave someone’s good name in tatters and also make it difficult to break free from the abuser.
Nerdwallet points out that domestic abusers may exploit their victims to their own financial advantage. Sometimes an abuser, having bad credit, will use accounts belonging to a spouse, partner, or even a child to continue bad spending habits. Whatever the reason, an abuser can rack up large debt on a credit card owned or co-owned by the victim and leave the victim with the bills. This not only ruins the victim’s credit, but puts the victim on the hook for the debt payments.
According to the Huffington Post, there are ways for a victim of financial abuse to break away from an abuser and seek help. These include filing for a restraining order against an abuser to keep the abuser from contacting the victim if the two live apart. Additionally, abuse victims should consider ways to rebuild their financial independence, including signing up for their own credit cards to build up a history of purchases. Even with damaged financial credit, abuse victims may still find providers that can provide them with a card, even if it possesses a low credit limit.
Additionally, abuse victims can hire legal counsel to help them secure their finances. Some abusers force their victims to deposit their paychecks into an account that the abuser owns or jointly owns with the victim. Consulting with an attorney can help victims find ways to reclaim their money and place it in an account where it cannot be accessed by the abuser.