Are you starting 2018 with worries about debt?
If you’ve hidden debt from your partner, it can cause a lot of strain on your relationships. Take a look at our tips on how to adopt a more open and shared approach to finances.
Our new report In too deep: an investigation into debt and relationships, sponsored by Provident Financial, explored the strong links between debt and relationships.
We found that one in seven people in debt has hidden debt from their partner. One in five (20%) people in problem debt have experienced the breakdown of a relationship with a partner where debt was at least part of the reason. To add to this, a quarter (25%) argue about money, debt, and other financial issues with their partner at least once a fortnight.
Money worries are one of the top strains on relationships and in the current financial climate, a lot of people are struggling with debt. Relate counsellor, Peter Saddington said:
“Whilst talking about money can be tricky, hiding debt can cause a lot of damage to the relationship in the long-run as well as people’s ability to deal with debt. Counselling can help couples to talk more openly about money and tackle any problems together.”
Our tips for couples in debt
- Talk to your partner about your attitudes towards money and debt and what you think has influenced them. Greater understanding will lead to less arguments.
- If you’re hiding debt from your partner unless you’re in an abusive relationship, it’s usually best to come clean. Pick a quiet time with no distractions, accept responsibility and explain you want to be open and honest about money from now on.
- Put together a plan outlining how you’ll manage paying off debt together and work out a monthly budget. It will help you to feel in control again and like you’re tackling the problem as a team.
- Check in regularly with your partner about finances. Couples who make financial decisions together are less likely to have issues.
- If you’re arguing more often than not, it’s worth seeking relationship support from an organisation such as Relate.
- Do seek support on the financial side of things from an organisation such as Christians Against Poverty or Money Advice Service so you can begin to tackle the debt together.
If you need help and support in your relationship, contact us today.