20 Per Cent Of Borrowers Hiding Personal Loan Debt
It is a well known fact that a large proportion of the population in the UK have debts on personal loans and credit cards and many of these individuals are ashamed, or embarrassed about the amount of money they owe.
Even if you are completely debt free, does your partner have outstanding personal loan and credit card debts which they are not telling you about? You may think that this is a ridiculous statement, but in actual fact one in five people are lying to their family and friends about the amount of debt they are really in.
The news comes from a survey conducted by the Post Office, into personal debt behaviour in the UK and has uncovered the worrying news that somewhere in the region of 21 per cent of the UK population are hiding the amount of personal debt on loans and credit cards from even their immediate family.
The research also found that the average person in the UK has around £9,731.51 worth of personal loan and card debt, although they only admit to having around half this amount when talking to their partners about it.
This is, of course, causing health problems for many of these borrowers, with 43 per cent complaining of sleepless nights and almost a further third admitting to increased stress levels and mood swings, placing even more strain on their relationship.
Donna Dawson, a Psychologist specialising in relationships said “Hiding the extent of debt from a partner or family member may give us a false illusion of control or independence, but the reality is that our mental and physical health suffers. Far better to operate as openly and honestly as possible from the start and take loved ones into your confidence at a much earlier stage, that way debtors can get the help, support and advice that they really need.”
