Research conducted by Abbey Loans has shown 1,350,000 instances of people taking out loans which they have kept secret from their partner. The total value of the loans amounts to an estimated £7.7 billion, meaning the average secret loan is worth £5,720. However, with over half of the loans valued at £3,000 or under, there is a worrying presence of loans worth between £20,000 and £50,000 which partners are unaware of. 5 per cent of those who have taken out secret loans owe such a vast sum, meaning there are 67,500 people in the UK in vast debt whose partners are unaware.
15 per cent cited home improvements as the main reason for the loan, 7 per cent used the money for medical reasons and 2 per cent – 27,000 people – wanted the money for cosmetic surgery . Meanwhile, 56 per cent of people cited embarrassment as the reason for neglecting to tell their partners, 29 per cent needed the loan for a purpose they considered private whilst 6 per cent wanted to surprise their partner. People aged 65 or over were least likely to have a secret loan, whilst those between 35 and 44 were most likely.
Couples Hiding Secret Loans from Partners
Mon, 04 Feb 2008
Recommended links
How does a payday loan work?Payday loan charges
Who are they suitable for?
Pros and cons
Taking out a payday loan
Customers can save by switching personal loans, study finds
Personal loan borrowers warned over insurance
|
|
|
