20% of couples marry with hidden debt
24/08/2015
A recent study from Debt Advisory Centre has found that one in five people planning to marry soon are hiding some form of debt from their partner.
In a survey of 2,000 adults, 20% of respondents admitted that their partner is not aware of the full extent of their borrowing. The average amount hidden works out at an average of £3,200, with a fifth owing more than £5,000.
A third of people hide their debt due to embarrassment, a further 17% say they are not comfortable sharing their financial situation with a partner and 7% felt it was better to save the revelation about debt until after their honeymoon. A third of those who are planning to get married didn’t feel it was important to tell their partner about their debts at all.
Melanie Taylor, spokeswoman for Debt Advisory Centre, said:
“Discussing finances, especially debts, can be daunting, especially in a new relationship. However, hiding debt from your spouse or fiancé is storing-up a problem that could seriously threaten the future security and happiness of both of you.
“Once plans turn to marriage, it’s essential that you understand each other’s financial position and that includes any debt that you bring into the marriage. I would advise setting aside time to go through your finances together and to put in place clear plans to manage money, including household budgeting and paying-off debt. And if you are worried about the amount that you owe, then seek professional advice together. Feeling worried about money is bound to seep into your relationship, so don’t struggle on your own.”
Sara Davison, break-up and divorce coach, adds:
“It's natural to want to show your best side to your future spouse so it can be tempting to hide any debt issues you may have. However it's important to remember that honesty is key to a long lasting and happy partnership.
“Money problems put a lot of stress on relationships and if the information was withheld it can cause huge trust issues. Financial challenges can be overcome if dealt with properly. However, if you sweep them under the carpet the damage to your marriage may be irreparable.
“I see many clients in my clinic who believe their problems started with disagreements over money, and the frustration and resentment built-up and spread to other areas of their relationship, driving them further and further apart. It's always best to face up to your true financial situation and deal with any embarrassment before you take your wedding vows. If they are the partner for you, they will work with you to find a solution. If not, then better you know now than face the divorce courts later on.”
Need financial advice?
If you have any personal finance questions related to this news article, then please contact our financial advisers. You can get in touch by asking a question online, calling us on 0800 092 1245, or by arranging a visit.
Share this..
Related stories
Citizens Advice Bureau in demand
The Citizens Advice Bureau (CAB) took a massive 6.8 million inquiries last year as more and more of the UK population began to feel the financial pinch. This is a service in the UK which has for many years been neglected by consumers but appears to be back in favour due to the economic downturn. While the vast majority of inquiries received were in relation to debts there were also a large number...
Read MoreCattles sells one of its gems
Cattles, the struggling doorstep lender, has today announced plans to sell the Cattles Invoice Finance business for around £70 million to a private equity firm. This is one of the jewels of Cattles crown and one of the few subsidiaries which has remained profitable during its troubles. While £70 million is no small amount, compared to the £2.4 billion which the company owes to its creditors it...
Read MorePersonal insolvency falls to 10 year low
29/07/2015 Personal insolvency has fallen to a 10 year low in England and Wales, according to figures from the insolvency service. The number of people being declared insolvent between April and June fell to 18,688, which is 29.3% less than a year ago, and the lowest total number since 2005. The number of firms falling into insolvency has also fallen, with 3,908 firms becoming insolvent over...
Read MoreUK debt total is higher than national income
It was reported yesterday that the total amount of money owed by UK residents is a higher figure than that of the gross national income - for the second year in a row. The total amount owed by consumers through mortgages, loans and credit cards rose by 7.3% during the year to the end of June to stand at a staggering figure of £1.444 trillion, according to the report by accountants Grant Thornton....
Read MoreAre we headed for credit crunch part two
A report by the Confederation of British Industry (CBI) has highlighted the concerns of many UK companies regarding the availability of credit in the short to medium term. A number of UK companies fully expect UK banks to reduce the size of credit lines available and also tighten conditions attached to further funding. While this does potentially look like the credit crunch part two it is in fact...
Read More