Good morning / 12.10.08
Consumer Home
Consumer Home
05 June 2006
Around seven in ten people with serious debts try to hide them from their partners, claims a leading debt management company.
Worried Britons are hiding debt problems from their other halves, with family members and friends often the first to find out about financial difficulties, according to research commissioned by Debt Free Direct.
Around 12 per cent of people with bad debts don't tell anybody, yet people are not protecting partners by covering up the problem, said the company.
"People hide debts for many reasons, but often it's to try to avoid facing up to the realities of their situation," said chief executive Andrew Redmond.
"In our experience, if couples openly share details of their finances then they are more likely to seek help earlier and so avoid possible bankruptcy."
People often don't realise that debts in their sole name could affect their partner, with the loss, for example, of the family home, said the company.
Both partners are also responsible for debts in both names, such as credit agreements or shared overdrafts, so your partner's debts could damage your credit rating as well as their own.
To find out if you're linked to your partner or if your credit rating has been affected by an association, order your credit file today.
© Copyright Adfero Ltd
