Debt and Relationships During the Credit Crunch

Writing by Paul on Friday 26 September 2008

Debt and Relationships – Are Couples Really Staying Together to Protect their Finances?

Is the Credit Crunch Saving Couples\' Relationships?Whilst the world’s leading economies debate how they can help shore up some of its biggest and influential financial institutions, according to a recent poll by Cahoot, the Credit Crunch and resulting economic unrest is more likely to encourage couples to stay together to weather the storm.

The poll taken by the Cahoot online bank (a division of Abbey National plc) suggests that 30% of men and 25% of women were ‘less likely’ to separate due to the Credit Crunch, on the understanding that living together allows for economies of scale and generally costs less.

However, this may not be the reality.

Recently released UK divorce figures (for 2007) from the Office for National Statistics (ONS) may well show the lowest recorded levels of divorce in 26 years, but with the effects of the Credit Crunch expected to last for at least another two years by many financial commentators, these figures may not reveal the true extent, for married couples at least, of how the Credit Crunch is affecting people’s relationships.

The Reality of Debt and Relationships

Credit Crunch, Debt and Relationships

Matthew Timms, Cahoot’s Managing Director, commented on the poll by saying “there are clearly economic benefits to being in a relationship, such as shared bills, lower rent and even reduced car insurance premiums.”

Whilst this is undoubtedly true, as is the fact singles may pay more for their living costs, what the poll doesn’t appear to establish is whether or not those taking part in the survey already had relationship problems - it’s highly unlikely that the whole truth behind the Credit Crunch and its effect on the complex issues of debt and relationships has revealed itself just yet.

Where to Get Help with Debt and Relationship Problems

Many debt problems that Payplan clients face are as a direct result of a marriage or relationship breakdown, but many people in debt come to Payplan who have relationship problems due to their debts and overall financial health - this is very often the root cause of a relationship breakdown.

Relate - Relationship Counselling

There are several organisations that can offer help and support for relationships that breakdown because of debt and other causes. One such organisation is Relate, who offer relationship counselling across the UK:

Relate – Relationship Counselling

Relate Scotland – Relationship Counselling for Scottish Residents

Debt Help from Payplan

If you are in a relationship which is suffering because of the stress of debt, then Payplan can offer free debt solutions and advice. Call Payplan confidentially for free on 0800 917 7823 or alternatively submit your debt problem online.

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