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Consumers Advised To 'Avoid Financial Heartbreak' on Valentine's Day

Mar 8, 2008
Being secretive about finances could put relationships at risk for many Britons, a recently-released study has shown.

In research conducted by moneysupermarket, it was revealed that more than a quarter (27 per cent) of consumers admit to spending money behind their partners' backs. Meanwhile, about one out of ten (nine per cent) people state that they are in some form of secretive debt. Out of such respondents it was shown that they are in the red by an average of 3,987 pounds.

However, monetary problems appear to be graver for men. Those males who owe money unbeknownst to their loved one are in debt by an average of 4,399 pounds. Such a figure represents an increase of more than 800 pounds from the typical 3,568 pounds owed by women.

One way for consumers to take steps to clear covert debt, however, is to take out a cheap loan for consolidation purposes.

Commenting on the study, Tim Moss, head of debt at moneysupermarket, said: "Valentine's Day could be heartbreaking for couples who have secret spending habits and hidden debts. People must ensure they don't put their financial stability and relationships at risk through reckless spending."

Further research by the price comparison website indicated that significant numbers of women are secretive about the amount they spend on fashion. More than half (53 per cent) report that they hide their expenditure on clothes, with about a third (30 per cent) doing so when it comes to shoes and accessories. In addition, 33 per cent do not tell the truth about how much they splash out on their children.

Men, however, tend to secretly spend on leisure pursuits. Some 18 per cent do not divulge their expenditure when it comes to gambling, with this figure rising to 27 per cent who conceal how much their hobbies set them back. Meanwhile, 15 per cent keep quiet about money splashed out for a night on the tiles. Overall, average secretive spending by males comes to 1,652 pounds - a figure which is almost double the typical 899 pounds that women hide away from their partners.

Whether looking to get their spending back on track or after owning up to their partners about the amount that they are in the red, a debt consolidation loan could provide valuable help with finance to a significant number of Britons. In taking out such a loan it is possible consumers can merge a number of demands on their finances into a single low-cost monthly repayment, so leaving them with more disposable income.

A debt consolidation loan could be useful for numerous people as last month, Donald Macleod, head of cards at Sainsbury's Bank, reported that the start of a year is an ideal time for people to get to grips with money and pay back the debts that they accrued over the Christmas and new year season.

Research by the financial services firm indicated that although the majority of Britons believe they will be "quite comfortable" in being back in the black as the next festive period approaches, one per cent of people, about 438,000 individuals, think it will take them more than a year to achieve this.
About the Author
Steve Smith writes for 1 Stop Finance Shop. A one stop shop for all your bad credit loans, debt consolidation loans and personal loans.Visit Today
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