We all know how hard the recession has hit in the past year. Trouble with keeping up with repayments and juggling what feels like hundreds of financial commitments each month are common woes felt by most people at this time. But also there are people who are living with the stress and strain of hiding debts and financial difficulties from their loved ones, often even their partners are unaware of the extent of the debts they have accrued over the years. A recent survey conducted by the Post Office outlines just how serious this problem has become for many individuals.
Recent studies have revealed that more than a fifth of us lie to our partners about how much money we owe. To the extent that as a nation we are concealing £55 billion in secret bills, according to new research from the Post Office.
The average U.K citizen has nearly £10,000 worth of debt, but only admits to owing half that amount when talking to their partners, friends or family. The consequences of these lies, this new survey suggests, are dire.
Nearly 50% of people who are have secret debts suffer with sleepless nights and a fifth experience mood swings, while more than 10% turn to comfort eating and heavy drinking to escape their financial worries, claims the research.
In addition to the afore mentioned  problems, 12% of those surveyed are under so much pressure to keep their debts secret, they even experience problems at work.
Not surprisingly, many secret debtors (6%) encounter relationship difficulties as a result of the strain that their financial burden brings.
“The recession has put a massive strain on many families,” said Doug Strachan, director of financial services at the Post Office. “Many families may be, for the first time, experiencing levels of debt that they cannot control.”
The study also found that the main cause of debt for women was overspending on clothes, with takeaway coffee and chocolate coming in at second place. The primary reason for men’s debts is spending too much on alcohol and gadgets. As well as being the prime reasons for such high levels of credit, these are the expenditures that are most likely to be hidden from others.
“Hiding the extent of debt from a partner or family member may give a false illusion of control or independence,” said Donna Dawson, psychologist. “But the reality is that our mental and physical health suffers.”
In conclusion
Although admitting to having debts that are substantial is embarrassing, honestly really is the best policy. Having read about the level of adverse side-effects many people are experiencing when attempting to conceal their debts from others, the best way to deal with the situation is to avoid spinning a web of lies where your tracks need constantly covering.
Nobody wants to see loved ones struggling with depression or having trouble at work because of the strain of hiding debt problems. If you yourself are covering up debts, start by admitting you have these debts, and research what help is available to yourself. Don’t be afraid to admit your debts are larger than you previously implied. There are people that can help you and your family and partner would most likely want to help and support in any way they can.
Although the initial steps to admitting your troubles will be difficult, you are doing yourself a huge favour by being honest and beginning to put a solution into action. Remember that nothing is worth risking your health.
By Katie Simpson ©