DON’T LET VALENTINES DAY BRING THE WRONG SORT OF SURPRISE!
Equifax warns that partners shouldn’t hide their debts
London 8th February 2008 – Surprise cards and roses may be what most partners are hoping for this 14th February, but leading online credit information provider, Equifax, is warning that there could be some other surprises in the post if loans, credit agreements and other debts have been kept secret. In a survey conducted in 2007*, 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. Men were slightly more likely to hide their debts than women at 58%.
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.”
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FACING UP TO DEBT
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*Survey conducted amongst 558 Equifax customers, February 2007
ENDS
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 empowers businesses and consumers with information they can trust. A global leader in information solutions, we leverage one of the largest sources of consumer and commercial data, along with advanced analytics and proprietary technology, to create customized insights that enrich both the performance of businesses and the lives of consumers.
Customers have trusted Equifax for over 100 years to deliver innovative solutions with the highest integrity and reliability. Businesses – large and small – rely on us for consumer and business credit intelligence, portfolio management, fraud detection, decisioning technology, marketing tools, and much more. We empower individual consumers to manage their personal credit information, protect their identity, and maximize their financial well-being.
Headquartered in Atlanta, Georgia, Equifax Inc. employs approximately 6,900 people in 14 countries through North America, Latin America and Europe. Equifax 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.
Equifax. Information That Empowers.
