Partners urged to be ‘financially savvy’

People in long-term relationships around the country have been urged to be “financially savvy” and avoid having to deal with an ex-partner’s debts.

According to the Callcredit company, money and debt management related issues are the most common cause of break-ups in the UK and it is important to be sure that a separation is not the cause of added financial troubles.

The credit reference agency has claimed that being financially linked to a former partner can be stressful for those involved and that precautions ought to be taken to avoid this kind of concern.

“Unless you want to end up being liable for your ex-partners debts, separating yourself financially by putting a notice of disassociation on your credit file for example, is essential and straightforward,” said Callcredit’s head of consumer affairs Owen Roberts.

A recent report from the accountancy firm KPMG revealed that UK consumers aged over 55 tend to more secretive about their debt management problems than their younger counterparts.

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