In a recent survey, one in five persons was found hiding debt from their partners. It is an alarming number that’s now started affecting the relationships. Yes, hiding your debt can seriously affect a relationship with your partner. There are many reasons why people hide personal debt form their partners, but let’s see few major reasons.
Debt is Personal
Many people do not feel comfortable talking about financial information, specifically personal debts, to anyone close including family and friends. Also, it does not sound right to talk about your credit card payments and other debt issues with your date. People usually wait to share any personal financial situation until the relationship becomes really stronger.
Explaining your Debt is hard
It is always hard to explain the reason behind huge amounts of debt on credit cards or other loans as it may put us in a very embarrassing situation. Explaining someone how you got into such a big mess with your debt is difficult so it’s always better to keep it hidden until it sorts out itself.
Scared of Losing Partner
In a relationship, there are always fears about losing your partner and financial reasons become a primary factor. Therefore, people tend to keep any debt issues to themselves until the time comes when debt payments are even harder to make. There are always fears of what the partner will think when discovers about the staggering debt on their partner – and will they even continue to be in this relationship afterwards?
I can do it better
Another reason for hiding debt from partners is because many people just don’t want to burden their partners with such worries. People don’t want to make their partners feel bad about their financial mismanagement when the partner is doing very well financially. Sometimes, people don’t share financial things as this will uncover their lack of managing important things in life, such as finances and debts.
While people tend to hide their financial matters, this also leads to many issues managing the relationship. Hiding about your financial situation, especially when in debt, will always do more bad than good in life.
A relationship is all about trust between two persons. When one person hides something as important as struggling with personal finances, then it leads to a bigger trust issue than anything else. Hiding personal debt can even lead to issues more than just dealing with debt – like losing your partner. One cannot hide about personal debt for longer if in a stronger relationship because when applying for a new loan together, the truth will eventually come out. When your partner discovers any secret you have been hiding, then the relationship becomes even complicated because you don’t want to hide any secrets about your life from someone you really care and love.
Secondly, the debt issues always affect the emotional well-being and take a great toll on your emotions, including your life with your partner. The pressure coming from your personal debt will lead to depression and anxiety, which will lead to even greater problems in your relationship.
Moreover, your partner can always help you deal with your personal debts. The first help you will get is about the emotional support that even a bad credit will not have any adverse effects on your relationship and your partner will fully support you if there are really bad times. Your partner can also help you make a repayment plan down the road. Your partner may also offer you for making a debt repayment on your behalf, which you can return once you have enough funds.
When you are in a stronger relationship with your partner, sharing your financial situation will lead to a better life together. Sharing will help you both apply for those new debt options, which can lead to your debt consolidation and helping you repay your debt faster. With the support of your partner, you can also make bigger decisions in life like applying for bankruptcy when managing debt becomes impossible and you are unable to find a suitable debt settlement agency or a debt management company. Living after a bankruptcy is hardest when you do not have any support from your partner with many restrictions that come along when applying for bankruptcy. Not only this supports your efforts for debt management, you can plan for next big things in your life with your partner.
You can apply for a new house mortgage or get a new car while having your partner on your side. Having a bad credit report will affect everything in your life – even your new employment and income capacity. With your partner support, you can easily manage your debt crisis by paying quickly than before and start building up better finances for future.
Steven Rooyen is a husband, father, senior debt advisor and a financial consultant at Sort My Debt. With over a decade of experience in different financial fields, Steven has provided debt relief in Australia and helped people resolve their debt problems without applying for bankruptcy. While not doing that, you can find him reading books and hanging out with friends.