People 'are keeping debts secret from their partners'
Published On 14 February 2008
People in the UK are risking the need for products like IVAs in the future by keeping debts secret from their partners, a new study has warned.Research from moneysupermarket.com found that 27 per cent of people in the country admitted spending money behind their partner's back and a worrying nine per cent said they had secretly run up considerable debts without the knowledge of their other half.
These nine per cent of consumers typically have £3,987 of debt that their partner is unaware of. What's more, the study showed that men were more likely to have more secret debt than women.
Tim Moss, head of debt at moneysupermarket.com, commented: "Valentine's Day could be heartbreaking for couples who have a secret spending habits and hidden debts.
"People must ensure they don't put their financial stability and relationships at risk through reckless spending."
Recent figures showed that personal debt in the country increased to £1.4 trillion by the end of December and that it rose by 9.3 per cent over the course of 2007.
