Couples face higher financial stress

August 28, 2007

It is thought that couples, who are struggling with a mountain of debt, are more stressed than singles that are also in debt. This is because whilst there may be an opportunity for both partners to work and earn double the money that a single person does, the amount borrowed is often larger. Due to the fact that both partners do usually work, lenders are willing to lend a higher amount of money and many couple’s borrow more than they can comfortably afford.

Manchester Business School conducted research recently about the number of couples that were in debt in England and Wales. It was found that many couples are now in over £40,000 worth of debt in comparison to an average of just over £20,000 in 2004. This just proves how bad the debt crisis is here in Britain and it is only set to get worse as more people than ever before continue to borrow more than they can afford.

There are two main options to couples who are in crisis. The first is bankruptcy and the second is an IVA. Now many couples do find that bankruptcy is the better option open to them, but there are others who are not prepared to lose everything. These people opt for IVA’s instead and together they work out their debt problems. However, the struggle up until the point of getting help can sometimes last for years and stress is a major part in their lives as they try their best to pay off what they owe.

Couples who are in debt have a very bleak looking future as they have no savings, no pension and they find it hard to see a way out of their situation. However, there is help available and you really do not have to suffer in silence. An IVA might be able to help if you and your partner are in debt and so it is always worth enquiring about your options.