More people sharing debt burdens with loved ones

PA

Many studies out there suggest we're all squirrelling money away from our partners or keeping huge credit card bills a secret – surely not a great foundation for a trusting relationship.

Thankfully new research shows we're becoming much more open with money concerns and sharing the burden with loved ones.

Stats from debt charity the Consumer Credit Counselling Service (CCCS) show dramatic decline in people hiding their debt problems from their partners.

The number of people contacting the charity for help with their unmanageable debt who say that their partner is unaware of their problem has dropped by over 3,000 in three years.

Last year, 14,071 people last year said that they had not told their partner about their debt problem, down from 16,424 in 2009 and 17,477 in 2008.

Obviously hiding debt from a partner can add to the huge emotional strain, so the CCCS welcomes the findings. Delroy Corinaldi, CCCS external affairs director, said: "It is an encouraging sign that fewer people are hiding their debt problem from their partner as a problem shared is a problem halved.

"I think part of the reason for this new trend is that people think about very differently about credit and debt than they did before the credit crunch and economic downturn. It may be that people are more aware of the difficulties that debt can cause and therefore more willing to talk about any problems they may have."
Read Full Story

FROM OUR PARTNERS