RSS Feed

Related Articles

Related Categories

1 in 10 concealing debts from their partner

28th May 2014 Print

The equivalent of 5.4 million people in the UK are hiding debts from their partner, new research has found.
 
According to the survey, conducted on behalf of debt advice and solutions provider Debt Advisory Centre, 13% of people in relationships have debts they have not told their partner about.
 
The amount many respondents owe is not small either. Nearly half (46%) of those with hidden debts admit to owing more than £2,500, and a quarter (24%) owe over £5,000.
 
Across the country, people in a relationship in London were the most likely to be keeping details of their borrowing closely guarded. A quarter (25%) of the capital’s residents who are in relationships admitted they owe money or have debts their partner is not aware of, be it cash owed to friends and family or borrowed through credit cards, personal loans or payday loans. In contrast, just 7% of people in relationships in Wales said the same.
 
Younger people were the most likely to be concealing debts from their other half. A quarter (25%) of the 25 to 34-year-old age group who are in a relationship admitted to keeping their debts secret, compared to just 6.7% of respondents aged over 55.
 
Spokesman for Debt Advisory Centre Ian Williams says: “It is very common for people to conceal borrowings, especially if they are struggling to repay it all. In fact, in some cases when clients speak to one of our debt advisors we can often be the first people they’ve told about their debt problem. A key concern for clients is whether people will find out they are on a debt solution – and in many cases there’s no need for anybody else to know.