A report from the online credit information firm suggests that dishonesty within a relationship when it comes to financial or debt management matters is not uncommon.
Indeed, a recent survey from Equifax shows that almost a quarter (23 per cent) of people in the UK have lied to their partner about money and in some cases serious amounts of credit card debt or personal loan arrears are kept a secret.
“One respondent [to the recent survey] revealed he’d hidden a £50,000 debt – imagine discovering you were liable for these sort of debts incurred by your former partner,” comments Neil Munroe, external affairs director at Equifax.
“Both partners must be totally sure they are comfortable to enter a joint agreement and confident of their partner’s ability to be financially responsible,” he added.
Meanwhile, a report recently from the Stroud & Swindon building society suggested that a lack of understanding of financial details is making finding a debt solution more difficult for many UK consumers.