Couples with debt problems should be 'open and honest' with each other

Couples that are going through financial difficulties and seeking debt advice need to be "open and honest" with one another.

Such is the opinion of Kim Stephenson, financial psychologist and founder of Taming the Pound, a website which helps people to manage their money.

He said: "Good relationships can often get stronger under pressure; you fight together, look after one another and come out the other side with an even better relationship.

"It's a bit like going through a war. How you deal with it is tricky because there aren't one size fits all answers. Generally, honesty is the best policy."

These comments were made after the Debt Advice Foundation revealed on February 14th that break-ups are the biggest cause of debt problems.

It stated that one in ten people seeking debt advice cite a break-up as the reason for their financial difficulties.

However, couples can survive money worries if they work together and become more honest with each other, Mr Stephenson added.
Wed, 23 Feb 2011
Brits concerned about their debt problems, which have been accrued through borrowing on a credit card, may want to consider using a zero per cent balance transfer card... Tue, 22 Feb 2011
Around 430,000 students will be given a manual about how to manage their money and avoid debt problems in the process.

Finance charity Credit Action intends to give its guide on student finance to young people planning to attend university in the 2011/2012 school year.

The average student is expected to graduate with debts amounting to more than £23,000 so the charity has created a guide to inform youngsters about the financial support available, how to budget and how to save money.

This could help would-be students learn how to stay in control of their money and help them avoid debt problems while at university.

Joanna Parsley, associate director of Credit Action, said: "Getting this information and guidance into students' hands before they begin university is key as it allows them to prepare financially, so their university experience can get off to a smooth start."..

Mon, 21 Feb 2011
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