UK Money News
5th February 2008
'Loan holders must be open with their partners'
Keeping loans, debts or the general state of your finances from your partner increases the stress experienced by the borrower, it has been claimed.
According to figures from Abbey Loans, up to 1.35 million of the UK’s personal loans have been taken out without the knowledge of family members or partners.
The combined value of the debt is thought to stand at around £7.7 billion.
Most respondents (56 per cent) surveyed said that it was embarrassment that stopped them from confessing to their loved ones.
However, according to a spokesman for the Consumer Credit Counselling Service, it is far more prudent to be honest and open about your finances, not least because "a problem shared is a problem halved".
He said: "We would always urge people to share their financial dealings with their partners, and generally be more honest and open about it.
"It’s easier that way - there’s a lot of stress associated with keeping a serious debt problem secret, and by sharing the problem that stress is relieved somewhat."
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