‘Million of Brits hide debt from partners’

Over a fifth of Brits hide secret debts from their partner, according to new research by Equifax.

The credit agency claims that this can have an adverse effect on their other half's credit rating, reports the Daily Mail.

Approximately 14 per cent of those questioned admitted that their hidden debt was in excess of £5,000.

The report also revealed that a high proportion of people have blamed estranged partners for their debts, while some have even tried to take out new loans for which their partner might be liable.

Neil Munroe, external affairs director at Equifax, told the newspaper that problems could arise if both partners blame each other for financial problems.

"If some partners have both put the same tag on their account – saying, 'My partner is at fault for this' – that is a potential point of conflict," he continued.

Lowland Financial recently stated that couples going through a divorce should co-operate to find a "clean, simple solution" to sorting out their finances.

Graeme Mitchell, the company's financial director, said that couples should make a list of assets and agree on how they should be divided, to keep things amicable.


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This entry is filed under Finance trends and facts.