A third of Brits aren’t keen on letting their loved ones know the true extent of their debt problems, according to research from a UK comparison site.
Honesty in relation to finances and debt is a complex area and it difficult to discover how honest people are with their family, friends and significant others when it comes to their bank balances and financial situation. However apparently a third of those in debt have masked the real amount they owe.
When considering debt results by gender it appears that women may bend the truth more when it comes to how far in debt they are, with almost two fifths having told porkies about their financial situation compared to 29 per cent of men.
Overall, the report revealed that almost a quarter of Brits in debt hide it from their family, while 18 per cent keep it a secret from friends and 15 per cent remained tight lipped with their partners.
On top of not being open about the their level of debt, many understate the amount they owe to their loved ones, with partners being the most kept in the dark. On average, Brits tell their significant other that they owe £8,687, but in reality the sum is almost twice this at £17,481.
Those keeping it a secret from their family claim to be in debt to the tune of £5,192, when in fact they owe £9,926. Friends are told the sum is £8,292, but it is actually £11,896.
Money Super Market believes that Brits lie about debt or conceal how bad their financial situation because they feel guilty or ashamed of how serious things have become. Two fifths claimed to feel this way, while 21 per cent said it has made them feel stressed.
One in ten claimed that they had bent the truth with their partner, family and friends because they believed their loved ones would be angry or wouldn`t approve.
While many feel the need to conceal the extent of their situation, the majority of those in debt have no intention to confess any time soon or at all. Two-fifths are not planning on telling friends and 23 per cent aren`t considering revealing all to their family.
First choice have been helping people deal with debt with practical real solutions for a goodly while, but before anybody can get a grip on their debts or finances they need to face the facts of their scenario. The support of loved ones can be a big help and if you are looking to use property you both own to get on top of your debts then you will need them to totally buy into sorting the relevant finance and loans out. The first step is to write all your outgoings and income down and see how your cash flow is, after all it may be that your debts are coming down and you are in positive cash flow, in which case you may not need to do anything at this time.
Even without looking at borrowing for refinancing some basic changes, such as eating out less, transferring your credit card to one offering an interest free period or moving your mortgage like for like to a different provider at a lower rate, can make a real difference.
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