Debt is a stressful situation to be in and can have damaging effects on your life beyond how much you have in your bank account and now research has shown that shame and fear are leading to one in seven Scots with debt to hide the situation from their partners.
So, why do people feel that they must hide their money worries from the people they love? It’s a damaging tactic as at Scotland’s Trust Deed we believe that honesty and communication are the first steps towards solving debt problems.
The reasons behind hiding debt
There are numerous reasons why the burden of debt is hidden.
- The individual’s guilt and shame that they have found themselves in this position.
- The need to protect their partner from the stress and worry that they are experiencing.
- Worries that the person they love will be angry and that it will damage the relationship.
- Debts that have arisen from gambling addiction or similar, things that signal a deeper problem, are particularly hard to admit to.
Of course, these are difficult challenges to face and we know that the conversation with your partner will be hard. However, after the initial shock and anger, you may find that they offer understanding, forgiveness and a promise to work through the problem together.
The consequences of hiding and avoiding your debt
Scotland’s Trust Deed firmly believe that hiding debt only makes it worse. This is unnecessary when the help and support to avoid the following consequences is so readily available.
- Charges after missed payments.
- Interest on a loan that wipes out the impact of each ‘minimum payment’.
- Late payment fees.
- The threat of bankruptcy.
- Loss of your home and car.
- Visits from bailiffs.
- Court action.
- Damage to your credit history that may also impact your partner.
- Stress, anxiety and mood swings.
- Your partner finding out about your debt through a source other than you.
Remember, once the truth has been told, financial advice has been sought and a plan of action set in motion life will become easier and relationships can be repaired.
Where to find help?
There are many sources of support and advice for people dealing with debt. Among them are charitable organisations for initial advice and direction and if your money worries are causing stress, anxiety and mental health issues then contact your GP or similar to get help.
However, you must AVOID at all costs pay day loans companies, usually advertising loans on TV, and loan sharks. Their interest rates and default charges are huge and your debt will become much, much harder to deal with.
For more help and information for Scots who are struggling with debt, then call the friendly team at Scotland’s Trust Deed today on 0141 297 1178.