EQUIFAX WARNS THAT PARTNERS SHOULDN’T HIDE THEIR DEBTS
Don’t get as desperate as Billy Mitchell who stole the charity box!
London 19th December 2007 – Poor Billy Mitchell is so wracked by debts that he took to stealing the charity box in Albert Square this week! And whilst this might seem a far-fetched storyline for the soaps, leading online credit information provider, Equifax, is warning that hiding debts is something done by quite a few consumers.
In a survey conducted earlier this year*, Equifax found that 23% of respondents said they had hidden debts from a partner or told a white lie about how much they had spent. And these weren’t just small amounts. 14% admitted to have hidden debts of over £5,000.
Thirty and Forty year olds were most prevalent at hiding debts from their partners, with 21% and 31% respectively admitting to telling white lies about what they had spent. Perhaps not surprisingly, the younger generations (18-25) are least likely to hide their debts at 9% - they probably aren’t yet in relationships where they need to hide their debts. Men were slightly more likely to hide their debts than women at 58%.
Reports of individuals who run up huge debts and hide them from their partners are regularly featured by the media, proving that this is a very real issue - not just a far-fetched soap opera storyline. Equifax is therefore urging consumers to be open about their debts in the first step to regaining control of their finances.
Neil Munroe, External Affairs Director, Equifax, comments, “Mounting debts can have a far-reaching impact on partners and families as well as the individual. And, unfortunately, there are more and more stories of people hiding debts from loved ones, highlighting the heartache that comes with these costly secrets.”
Hiding debt is a stressful experience and could lead to serious mental illness, such as depression. Not only does the individual have the anxiety of trying to keep up with payments, but they also have to consider the effect the debt is having on their financial status. And if they share any joint financial commitments with another person it will impact on them too, putting the relationship under considerable emotional and financial strain.
Munroe concludes, “The first step on the road to recovery is to own up to debt and seek support from those close to you. Talk to lenders to agree on a realistic repayment plan and talk to the various organisations, such as the Consumer Counselling Service (CCCS), National Debtline or Citizens Advice Bureau, who will give consumers valuable advice. When it comes to debt, honesty is definitely the best policy and best way to end the nightmare.”
FACING UP TO DEBT
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*Survey conducted amongst 558 Equifax customers, February 2007
For further press information please contact: Elinor Puzey, Louise Fowler or Wendy Harrison at HSL on 020 8977 9132 / Fax: 020 8977 5200 or Email: elinor@harrisonsadler.com
About Equifax
Equifax Inc. is a global leader in information technology that enables and secures global commerce with consumers and businesses. We are one of the largest sources of consumer and commercial data. Utilizing our databases, advanced analytics and proprietary enabling technology, we provide real-time answers for our customers. This innovative ability to transform information into intelligence is valued by customers across a wide range of industries and markets. Headquartered in Atlanta, Georgia, Equifax employs approximately 4,600 people in 13 countries throughout North America, Latin America and Europe. Equifax was founded 107 years ago, and today is a member of Standard & Poor’s (S&P) 500® Index. Our common stock is traded on the New York Stock Exchange under the symbol EFX.
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