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24
OCT
2013

The effect of personal debt on couples

For many of us, dealing with personal debt and money matters in general can be a very stressful time. Making sure the bills are paid, paying the mortgage if you have one, making sure your family have the things that they need – these are all very important and can lead to worry about money. However, a recent survey has shown that one of the greatest causes of trouble in a relationship can be the fact that some people actually hide their personal debt from their partner.

Credit card secrecy

Research carried out by MoneySuperMarket suggests that the biggest cause of money related secrecy in a relationship is often the use of credit cards. Almost 10% of people surveyed said that spending on credit cards in secret had caused arguments within the relationship. More than a third actually said that the reason they did not want to tell their partner about it is because they knew they would be angry. In fact, 15% confessed that they had actually lied to their partner about their credit card spending.

Needless to say, honesty within a relationship is incredibly important with regards to all issues, never mind potentially damaging long-term problems such as credit card debt. Not only can this kind of secrecy drive a wedge between people in a relationship, but hiding credit card debt from your partner actually makes it harder to deal with, as you cannot discuss it together.

Gender habits

The survey also suggested that it was men who tended to spend more on credit cards each month, using plastic for an average of £360 worth of spending, compared to £274 by women. However, despite the fact that on average they spend less on credit cards, women were shown to be 60% more likely to deliberately hide their credit card statements from their partner. In many cases, the fact that credit card statements can now be received electronically was used for this purpose.

Spending on non-essentials

In an ideal world, credit cards and other forms of lending should really only be used in a controlled fashion when you know that you can afford to do so. Unfortunately, half of the people surveyed said that not only did they use credit cards to pay for things like utility bills, petrol and food, but they also use them to buy non-essential items such as clothes and treats. For many people, it is exactly this kind of frivolous spending which ends up becoming out of control and results in credit card debt.

Are you in trouble with credit cards?

If any of this sounds familiar to you and perhaps you have already spent more on credit cards than you can afford to pay back, it is very important that you speak to personal debt advisers as soon as possible. If you’re struggling with your personal debt, the last thing you need is for it to cause irreparable damage to your relationship. Dissolve Debt is here to help you with credit card debt or any other kind of borrowing; call us today for more information.

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