FACE UP TO THE TRUTH DON’T HIDE

Adults with secret debt would rack up £4,600 before they ‘fessed up to their loved ones and asked for help to tackle it.

The figure shoots up to £6,400 for those aged over 55, more than twice the £2,900 threshold of younger people aged 18-24.

A survey from online lender Sunny reveals one in five people are unaware of the extent of their partner’s debt. Co-habiting couples have a much higher hidden debt tipping point at £6,000, compared to married couples who would reveal what they owe when the figure hit £4,000.

Nearly half of those surveyed said they are completely open and honest about how much they have borrowed, a fifth said they would never tell, and one in 10 said they would lie about their level of debt.

Older people feel the least able to open up about money worries, as one in five say they would never disclose details of their financial state, compared to just one in 10 of under-35s.

It is vital that couples are open about their finances, especially if they are living together and have joint products together.

If one struggles to make ends meet it could leave the other struggling to keep up repayments on any joint finances such as mortgages, rent or loans.

The research also revealed that those who lie about how much debt they have are also more likely to be deceptive about other things. Not a great situation for any couple to be in.

Scott Greever from Sunny said: “Hiding debt and money worries is risky. Facing up to the reality of your situation is the first step to talking back control and improving things.”