Debt fears force partners to hide purchases
Published: 14 August 2009
By MoneyhighStreet Staff Leave a Comment
Updated: 14 August 2009
Partners are hiding the true extent of their debt and extravagant purchases from each other as money problems bite.
Almost one in five (18.5%) Brits in debt and in a relationshhip claim to be hiding the true extent of their money problems from their partner, according to new research by Sainsbury’s Finance.
1.92 million people are hiding expensive or extravagant purchases from their partner, the Bank has found.
It seems that many people are genuinely worried about the state of their finances and are only just keeping their head above water. The fear of debt is so great that 3.6 million people claim to ignore or delay opening their bank statements.
Rather than ignoring potential debt problems, Karen Horsburgh, Head of Sainsbury’s Money Matters advises that “The current economic climate is only exacerbating many people’s personal financial concerns and our research highlights that there is a huge temptation to stick your head in the sand and hope it all goes away.”
“However, if you have money worries the best course of action is to tackle any financial concerns head on and seek advice on how to start rectifying the situation.”
There are many specialist companies from whom you can get debt advice if you are becoming increasingly concerned about money problems.