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Tackling your debts

One in ten people with debt problems say a failed relationship is to blame

Posted 16 October 2013

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10% of our clients say a relationship breakdown is the reason they sought help from Debt Advisory Centre.

The end of a relationship can mean big changes in your life, both personally and financially.

 

Going from two household incomes to one can be a shock to the system (and the bank balance) as you try and cover the household bills - alongside everything else - alone.

In fact, for one in 10 UK clients on a debt solution with Debt Advisory Centre, the breakdown of a relationship is the reason they say they're in debt.

Single struggles

Unexpectedly having to foot the entire running of the house, including the rent or mortgage, can be financially crippling.

Though one in 10 is a big number, the amount of clients saying relationship failure is the reason they're in debt has actually reduced in the last five years.

In 2008, 12% of clients in the UK said this was why they were in debt.

 

Why else are clients in debt?

Alongside the breakdown of a relationship, there were a series of other reasons clients gave explaining how they came to be in debt.

The top reason was over-commitment. Increased living costs and a change in employment were other common explanations.

Big changes in circumstance, like a change in employment or a relationship breakdown, will naturally have an impact on people's lives, so it's not surprising they have a knock-on effect on their finances too.

As we can see from the research, it's not uncommon for people to find themselves struggling to keep a handle on the bills and finances when their partner isn't there to help. Going from having two household incomes to one can be a real shock.

If you think you might need help with your debt - whether it's down to a breakdown in relationship or otherwise - give us a call to talk about it on 0800 195 2714 or 0161 779 5097 from a mobile or fill in the form on this page.

 

Further Reading

 

Debt Management

Debt consolidation

IVA

Debt Relief Order

Bankruptcy

 

by Shelley Bowers

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To find out more about managing your money and getting free debt advice, visit Money Advice Service, an independent service set up to help people manage their money.