New research suggests that 37% of people do lie to their partner about their debts, whether it’s not disclosing whether they have any debts or lying about the amounts owed. I’m sure early on relationships it is something some people may not be completely honest about, but when you start cohabiting with your partner it really should be a point of discussion, even more so if you’re buying together.
It might seem embarrassing or shameful to admit that you’re in debt, especially if you owe a large some, but as the old saying goes a problem shared is a problem solved. So your partner may not actually pay off your debts for you but they may help you organise yourself out of a debt mountain. The research showed that 63% of people were honest and had told their partner how much debt they had, however 37% had lied about their debts.
Lying won’t help you get out of debt any faster and in the long run lying about how much you owe won’t help anyone in the relationship. Also 47% of those who had lied had admitted they had told their partner they had no debt when in fact they did. A further 35% understated to their partners how much debt they had and surprisingly at the other end of the field 18% had overstated how much they owe to get out of paying joint bills.
The research on this subject was conducted by My Voucher Codes, now these guys are all about saving you money when shopping, not wanting you to get into debt in the first place. They found that most people they surveyed owed money on bank loans, store cards and credit cards. It’s not unsurprising then, currently in the UK average total debt per household standing at £54,636, it’s a lot to keep quiet about.
So I’ll ask the title question again, “Do you lie to your partner about your debts?” If you do I hope this research will help you be a little bit more honest, it’s a good way to start your journey to being debt free, check out our Manage Money Page to help you along the way.