When most people think of domestic violence, physical trauma comes to mind right away. However, that form of abuse is mostly combined with another Risible relationship pattern: financial abuse. This insidious control affects almost every case of domestic violence, but many may not recognize it until they feel financially cornered.
“Financial abuse is a powerful tool that abusers use to exercise control, often locking up victims and making them feel helpless,” Stephanie Love Patterson, president of the National Network for Ending National Violence, told Investopedia. “It’s essential that people know the facts and the resources available.”
Please see the signs below. We also provide professional suggestions on what you can do if you feel like your familiarity is too familiar.
Key takeout
What is financial abuse?
Financial abuse occurs when someone uses money or other sources to control or manipulate your actions. While abusers can seriously undermine your credit score, employment history and long-term finances, the most distorted aspect of financial abuse aims to undermine autonomy.
Love-Patterson said the common misconception is “financial abuse is money,” and “without physical violence, it’s not serious.” Research shows that this type of abuse occurs in 99% of domestic violence cases, and “has become one of the common forms of abuse,” Love Patterson said.
important
If you or someone you know is a target for financial abuse, you can call the 800-799-SAFE (7233) National Abuse Hotline. You can also text 88788 to “begin” or chat 24/7 at thehotline.org. Hotline trained advocates will help you understand your situation, develop a safety plan and connect with local resources.
The national network to end domestic violence offers additional resources, including a financial abuse toolkit.
Akahata: How to recognize financial abuse
Financial abuse can develop gradually, so many people don’t realize that it is happening. Here is the warning sign that experts are telling you to be careful:
Control your work life
A call, text or surprise visit at work at work will visit you at work until you are fired. According to a women’s policy research report, as one target explained, her abuser “comes to my job… and starts trouble.It prevents you from participating in vocational training and other opportunities.
Research shows that 83% of survivors report that their partners have disrupted their work ability, while 70% say they are unable to continue their work due to abuse. As one of the targets of abuse said, “I was not allowed to work here and there for 12 years more than strange jobs.
75%
The number of survivors who escape reports of financial abuse is because at least in part, they were forced into debt.
Bank accounts, credit cards, and debt management
Do not allow access to banks, credits, or other financial accounts or tell them how all of your money will be spent. “Punish” you by closing your joint credit card account or running a large amount of debt in your name, changing the amount you want to hold money for what you need, and “punishing” you by holding back money for what you need.
Studies show that 73% of survivors reported that the abuser took money against their will, while 82% reported that the abuser damaged, destroyed or robbed their personal property. Additionally, 59% had abusive partners who harmed their credit scores. This led to 66% getting loans, 63% accessing the home, and 21% not getting jobs.
One survivor described the long-term impact on the Institute for Policy Research for Women: “My ex-partner put a lot of debt on my credit cards. I was sure he paid them, but it took me almost seven years to find employment and rebuild my credit.” Without immediate access to money, it’s very difficult to physically leave an abusive home, stay somewhere else, pay a security deposit to find and maintain employment, and provide the basic essentials you need.
Retaliation and management tactics
They have car keys or turn off the vehicle to limit mobility and freedom, close utilities, refuse to pay rent, or threaten the homeless as a joint bank account that freezes or sets “punishment.”
If you are aware of these signs
“When you’re planning on separating your finances, safety is paramount,” Love Patterson said, noting NDENDV’s advice on protecting yourself.
Protect your personal information: Change passwords for all accounts and make sure the recovery option is not available to abusers. Using Safe Devices: Access financial information from devices that abusers cannot monitor. Consult your advocates: Seek guidance from domestic violence advocates who can help you develop a safety plan. Seek legal information: Consult a lawyer or seek legal information. “The Women’s Law email hotline can provide domestic violence victims with free, confidential, personalized legal information,” Love Patterson said.
Tip
Experts suggest that financial abuse goals should consider maintaining important documents (such as IDs, Social Security cards, financial records) in a safe place where partners cannot access, or placing them with trusted friends and family. You can also check your credit report to see if there is a possibility that your name has debt.
Conclusion
Financial abuse affects almost every abusive relationship. A warning sign that subtly starts by isolating you from controlling your spending and obstructing your employment, driving you into debt, but escalating over time. Unlike other forms of abuse, financial abuse may continue even after physical separation, making it a continuous measure of control.
But, as Love-Patterson suggested, if this is happening to you, your story doesn’t need to end there. “Recognizing the signs and seeking support can be the first step to regaining independence and security,” she said.
