Pillow talk may not include loans
Article Category: Debt Management Help and Advice
Pillow-talking partners’ conversations may not include chats about loans that have been taken out, according to a new study.
Abbey, the high street bank, has released figures showing that around 1.3 million Brits take out bank loans without telling their partners or families.
The average amount of ’secret’ loan taken out is £5,270, which appears to be taken out mainly to clear existing debt - the majority of loans were for under £3,000.
Around 15 per cent used the loan to finance home improvements, seven per cent for medical reasons and two per cent for a bit of nip and tuck at a cosmetic surgery.
A worrying five per cent of borrowers concealed a secret, potentially relationship shattering, debt of between £20,000 and £50,000.
Paul Morrish, director of Abbey Loans, said: "Borrowing in secret – especially large amounts – is not advisable and we would encourage people to be open and honest about their finances."
Most debtors hiding a loan (56 per cent) said that they had not told their partner or family because they were too embarrassed.
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