Relationships Under Pressure From Debt Problems
As couples across the country celebrate the most romantic day of the year, a charity has warned that relationship breakdowns are the number one cause of debt problems according to new research.
UK debt charity, Debt Advice Foundation has found that break-ups are the biggest cause of debt problems, with one in ten people who contact its helpline stating a failed relationship as a key reason for their financial issues.
More and more people are finding it difficult to manage their debts, with official figures indicating that personal insolvencies reached record levels last year.
The charity’s research, which investigated why people are struggling with debt, pinpointed love-splits as the top cause - with other factors, such as unemployment, illnesses, a growing family, alcohol problems and gambling all ranking lower.
David Rodger, Managing Director of registered UK charity, Debt Advice Foundation, comments: "A relationship breakdown can have a major financial impact.
"If the couple has been cohabiting there’s the cost of new living arrangements to consider - and they may already be tied into a mortgage or rental agreement.
"Some may find themselves left with bills they can no longer afford and in some cases be burdened with their partner’s debts.
"People often feel the financial impact of a relationship long after the romance has faded. Our advice is not to let love cloud your judgement - talking about finances may not be romantic, but it’s important to know where you stand and be aware of how joint commitments could affect you in the future."