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A recently conducted survey has revealed that almost 1/2 of all Brits; actively hide particular details of their personal finances from a spouse or partner.

The study, conducted by a private investment firm, also revealed that more the 25% of people are untruthful with regards to the true cost of purchases, when questioned by their partner.

Financial untruths appear to be most prevalent amongst the younger generations, with people aged between 26 and 35 being the most likely demographic to cohere to the trend. The most popular scenarios in which such untruths have been found to stem from include personal shopping trips, self-pampering, and the covering up of credit card bills.

One expert suggested that changes in society coupled with a change in way in which we manage our finances are most likely to blame. Very few people are happy to reveal the actual truth of their financial affairs to a close friend or family member, unfortunately however this trend also appears to have spilled over into personal relationships.

In related news, it has also been revealed that approximately 1 out of every 5 relationships will break down as a result of an argument, fuelled by a financial discrepancy. Relationship councillors have suggested that being open and honest with regards to personal finances, is the only way for couples to avoid such incidents.

A large proportion of UK loan lenders are moving towards reducing their applicants average credit thresholds, in an attempt to curb bad debt.

According to a recent report by a leading financial broadsheet, thousands of borrowers will be forced to reduce their rate of credit acquisition, due to a national reduction in loan and credit card acceptances.

It is suggested that many loan and credit card providers are introducing stricter borrowing guidelines to new customers, and reducing the availability of credit to existing customers, as a means to curtail the affects of the so-called credit crunch.

A spokesperson for one of the UK’s largest credit reference agencies commented that more and more lenders are becoming extra selective with regards to who they except and who the don’t. There are a large percentage of prime applicants, who are having their borrowing thresholds reduced and are being refused credit, whereas ordinarily they would almost certainly have been accepted.

Some analysts believe that bad debt is reaching uncontrollable levels, and it would appear that a high proportion of the countries lending industry are starting to adopt the same belief.

Discussing individual financial circumstances is still considered to be one of the most taboo subjects of conversation, by a large percentage of Brits.

According to a new study, financial difficulties frequently consume the thoughts of a great many UK consumers, however, less than ¼ of all people are willing to discuss their problems with a friend or family member, or seek professional help.

One expert suggested that many people, who are in financial trouble, often worsen their situation by not opening up and discussing their problems. He commented that it is completely unnecessary for people to be as secretive as they are when it comes to their finances, when in a large number of cases, discussing the problem can often lead to a quick, and sometimes simple resolution.

The study further revealed the individuals who fell within the 45-60 year old bracket are the most protective of their financial situation, with the less protective being those people who fall within the 18-26 year old demographic. It is also believed that the most common financial pitfalls arise from the mis-management of personal loan and credit card repayments.

Analysts predict that pre-Christmas loan and credit card borrowings are likely to exceed more than £50 billion pounds in 2007.

According to the UK’s leading consumer spending analytics firms, December 2007 will set a new record for consumer credit acquisition with expected figures to surpass the same time last year, by a whopping 10%.

The firm also predicts that although the vast majority of this credit will be spent through the more traditional high street outlets, their will also be a sizeable percentage of consumers making their purchases online.

A spokesperson for the firm suggested that personal loans are by far the most common form of credit used by consumers shopping on the high street, however, not surprisingly, credit cards will far outweigh any other forms of credit for those shoppers making the bulk of their purchases online.

In related news, the consumer credit council has warned loan borrowers to tread with an air of caution, as it fears that a record number of consumers may file for insolvency as a result of overstretching themselves at Christmas.

Being frank and honest with regards to your financial situation could be the lifeline that consumers looking to tackle issues debt are looking for.
 
A spokesperson for one of the UK’s largest debt help specialists has stated that the rise in consumer debt within Britain will not begin to resolve itself unless borrowers admit to the extent of their problems.

Recent studies suggest that a large proportion of the seriously indebted are far to hasty in their decision to acquire such tools as consolidation loans, as a means to curtail their situation, without actually analysing the severity of their problem beforehand. Consumers need to become more aware of their financial situations, and to also look into more practical, non-credit related means to control their finances.
 
Tools such as Debt consolidation loans can be extremely useful, providing they are used correctly and responsibly. However, borrowers must also realise that a consolidation loan can quite easily do more harm than good if strict discipline is not applied. It is believed that almost 40% of the indebted could stabilize their situation through traditional money management techniques such as budgeting, however, unless consumers know as to how far into the red they actually are, it is impossible to know where to begin.