Rise of ‘closet borrowers’ who hide debts from their partners
Hundreds of thousands of borrowers don’t tell their households the truth about their debts – even however a single in ten owes far more than £10,000 
Photograph: REX Attributes
An estimated eleven million people are not telling their partners or household the truth about their borrowing. This secrecy poses a risk to both their relationships and finances, warns the Debt Advisory Centre (DAC), which undertook the research.
One in 10 of these “closet borrowers” owes much more than £10,000.
The DAC warns that keeping debt secret can make it extremely hard for households to handle their budgets, and borrowing through credit score cards and payday lenders increases the threat.
Londoners are the “most duplicitous”, with practically one particular in three hiding thethe real scale of their borrowing. But their neighbours in the wider south east have been both more open with their households – or much less honest to survey takers – with only sixteen per cent admitting that they had secret debts.
Younger borrowers maintain far more secrets and techniques than older, with around third of these among 25 and 44 holding hidden debt.
Ian Williams of the DAC said: “If your borrowing has turn into a secret debt dilemma then you want to handle it. The initial stage is usually the hardest, but speaking to a skilled debt adviser and sharing the issue with a pal or loved 1 are the very first measures on the street to recovery.”
He extra: “For a significant minority of the individuals we speak to, we will be the initial particular person they’ve ever spoken to about their debt, and that requires a toll on people’s mental and bodily well being.”
The DAC, which is not a charity, offers debt providers which could carry a price. People looking for impartial guidance on debt can contact independent bodies such as Nationwide Debtline or the Debt Suggestions Basis .