Financial Abuse

When people think of abuse, they typically think about the emotional and physical impact. According to the Center for Financial Security, 99% of domestic violence cases include financial abuse.

Financial abuse is when an individual prevents one from obtaining money and assets. The abuser may also steal money from the individual for the benefit of the abuser.

Financial abuse can occur between romantic relationships, relationships involving a guardian, and individuals and relationships involving the elderly.

Impact

The impact of financial abuse can also hurt a person’s financial health and mental well-being. In many cases, the effects can lead to a massive amount of debt and bankruptcy. Financial abuse leaves victims in a vulnerable position, not to be able to be independent. Victims usually have poor credit, spotty employment, and have difficulty in establishing long term security.

Signs that you are being financially abused

  1. The abuser criticize your career or job
  2. Abuser steals money from your account
  3. The abuser makes big purchases without consent
  4. Establishes unrealistic allowances for the victim
  5. Limiting access to credit cards and money
  6. Forcing the victim to sign documents without explanation or minimal explanation
  7. The abuser makes threats to cut the victim off financially

Resources

If you are a victim of financial abuse, remember that there are resources available. Contact National Domestic Violence Hotline at 1–800–799–7233. Reach out to religious leaders and people you trust to create a plan to get back to financial health.

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