Brits hiding debts from partners
Seven out of ten people with serious debt problems hide this fact from their husbands or wives.
Instead of telling their partners, Britons are often more likely to confess to family and friends, new research from leading debt adviser Debt Free Direct reveals.
However, one person in eight chooses to tell no one of their troubles until debts become simply too large to hide.
"People hide debts for many reasons, but often it's to try to avoid facing up to the realities of their situation," said Andrew Redmond, chief executive of Debt Free Direct.
"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."
Debt Free Direct conducted this research in an attempt to encourage couples to be more honest about their finances.
It adds that keeping your partner in the dark does not protect them.
"Many people don't realise that debts in their sole name can affect their partner," Mr Redmond said.
"A property owned by a bankrupt will probably be sold to pay off creditors, meaning the loss of the family home. Partners also share liability for any debts in joint names, such as credit agreements or shared overdrafts even if they were unaware of the scale of the problem," he explained.
But the advice service accepts that it is far from easy to admit to money troubles to spouses.
"People can be terrified about breaking the news to their partner," Mr Redmond said.
"The best way to cushion the blow is to have already assessed the options and have a proposal for getting out of debt.
"If this is done early enough, options such as a debt management plan or an IVA [individual voluntary agreement] can allow you to pay back a proportion of what you owe without incurring the penalties of bankruptcy.
"If this means saving the family home, it can make all the difference in how your partner reacts to the news."
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