Thousands keeping ‘debt affairs’ secret - Debt - News - Moneyfacts

News

Thousands keeping ‘debt affairs’ secret

Thousands keeping ‘debt affairs’ secret

Category: Debt

Updated: 29/08/2012
First Published: 29/08/2012

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

A shocking number of people are hiding debt issues from their partners, with secret debts totalling £41 billion.

Many modern couples openly choose to take responsibility for their own finances by keeping them separate from their partners, with 62% of people in relationships maintaining debts such as mortgages and credit cards.

Over a tenth have not told their partners of their outstanding debts, however.

Younger people are most likely to have the biggest debts, three times more than those aged over 35.

As well as the lack of truthfulness, the legal ramifications of undisclosed debt within a relationship can be disastrous. Some people are only finding out about their partner's debt upon the relationship breaking down, adding more strain to an already difficult and traumatic time.

James Hillon, head of Home and Family at The Co-operative Bank, said: "The report has shone the spotlight on couples across Britain and the level of truthfulness there is between loved ones about financial affairs.

"The findings show that younger people are the most debt laden age group, perhaps unsurprisingly due to university costs and a more relaxed attitude to money, however the average debt in this group is more than £30,000 which is worrying.

"We would always urge people with money worries to contact their bank. And as the old adage goes, a problem shared is a problem halved and being honest with your loved ones about debt is always preferable to being caught out in the long run."

What Next?

Find the Best Debt Solution for you - Compare Debt Solutions

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

Millennials losing sleep over debt

Money worries can keep people up at any age, but new research has found that a staggering one in four adults under 34 have lost sleep over financial troubles. Many are feeling pressure not just from their bank account, but also their loved ones.

Would you go into debt to bag a bargain?

It can be hard to resist the lure of a bargain, particularly at this time of year. However, while it should be a way to cut costs, it seems that some get carried away, and end up spending far more than they should – and get into debt as a result.

Overdraft charges add millions to problem debt

Charges on unarranged overdrafts are spiralling, says StepChange Debt Charity, adding millions to problem debt – and there are calls for them to be capped as a result.
 
Close