Seven out of ten people will hide their debts from their partner, normally as they do not want to confront the reality of their situation, an attitude which only serves to worsen the problem.
The Debt Free Direct survey confirmed earlier research from IVA provider ClearDebt, which showed that 40 per cent of debtors would tell no-one of their problem, 60 per cent would not tell their partner and only four per cent would confess their plight to their parents.
Andrew Redmond, chief executive of Debt Free Direct, ventured that one way to ease the difficulty of sharing news of debt with a partner is to look at options available, such as an individual voluntary agreement (IVA), before doing so.
David Mond, ClearDebt’s chief executive, agreed, but said that those who were likely to be serious about an IVA were also more likely to have been open with their partners.
He said: “Our advisors’ experience is that most of those who are making serious enquiries about an IVA have told their partners about their problems – and that, if they haven’t put them in the picture soon after making serious enquiries then it’s a sign that the debtor may not have the commitment to go through with an IVA.
“Telling Mum and Dad, however, is an entirely different thing – almost all the people we deal with want to keep parents in the dark about their offspring’s debt.”