Millions ‘hide debts from their loved ones’

ONE in three people is keeping secret debts from their partner, a government-backed advice body has found.

The Money Advice Service (MAS) said the average hidden debt across the UK amounts to £4,164 per person, and the total across the UK population could be as high as £96billion.

Nearly a third (29 per cent) of those surveyed who were in relationships said their partner did not know about all the money they owed.

Credit cards were found to be the most likely source of hidden debt, with personal loans, overdrafts, informal loans from loved ones and store cards also common sources.

MAS released the findings, from a survey of more than 4,000 people, to mark Talk Money Week. It runs until Nov 18 and aims to improve people’s money management skills.

Caroline Siarkiewicz, head of debt advice at the service, said people concealed debts to protect their loved ones, or because they were concerned about being judged.

However, she added: “This rarely solves the issue. In fact, it often makes things worse.

“Debt can be a particularly difficult topic to broach, especially if you’ve fallen into a spiral and don’t know how to get out of it. But sharing a problem is the first step to solving it.

“As it’s Talk Money Week, there is no better time to start opening up about your finances. And remember that free and impartial debt advice is available near you.”