A fifth of couples tie the knot without disclosing their hidden debts

IF THE key to a strong marriage is trust and honesty, then thousands of people are risking their future happiness by keeping their debts a secret from their partner.
Many couples conceal their debts from each otherMany couples conceal their debts from each other
Many couples conceal their debts from each other

Research conducted for Debt Advisory Centre reveals that 1 in 5 people haven’t told their partner the full extent of their debts. In addition, when asked about their other-half’s finances, 7% admitted that they don’t know if their partner has any unsecured borrowing. Interestingly, women were twice as likely to hide their debts as men.

More than half of those questioned who plan to get married say that they owe money on credit cards, loans and overdrafts. While the average amount owed is £3,200, a fifth said they owe more than £5,000.

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With debt being revealed as one of the biggest reasons for tension within a relationship, a third of respondents say they hide debt out of embarrassment. Women were also twice as likely to give this as their reason for secrecy.

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 their debts until after their honeymoon.

Even more worrying is that a third of those who are married or planning to get married didn’t feel it was important to tell their partner about their debts at all.

Discussing finances, especially debts, can be daunting in a relationship. However, hiding debt from your spouse or fiancé is storing-up a problem that could threaten the future security and happiness of both of you.

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Sara Davison, who helps couples to resolve problems with their relationships, 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 is withheld it can cause huge trust issues. Money problems create resentment when they are swept under the carpet and the damage to your relationship may be irreparable.

“It’s always best to face up to your true financial situation and deal with any embarrassment before you commit to a relationship. If they are the partner for you, they will work with you to find a solution.”

Once a relationship becomes more serious, it’s essential that you understand each other’s financial position and that includes any debts that you bring to the partnership. 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.

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And if you are worried about the amount that you owe, then seek support and advice together. Feeling worried about money is bound to seep into your relationship, so don’t struggle on your own.

Debt Advisory Centre: 0161 871 4881