New Zealanders at risk of sexually transmitted debt

13 February 2017

New Zealanders at risk of sexually transmitted debt

Credit scores left in tatters by partners who cheat on finances

New research shows:

28 per cent of New Zealanders have been hurt financially by a romantic partner

Nearly 18 per cent of Kiwis keep money or finances from their partner, including secret bank accounts and/or debt

Women most likely to hide finances from partners, but also most likely to be hurt financially by a partner

Love might be in the air, but research from credit score company CreditSimple.co.nz shows it doesn’t necessarily translate to the bank account. A recent survey shows almost 28 per cent of New Zealanders have been burnt financially by a partner, sparking warnings this Valentine’s Day to tread carefully when it comes to dating, finances and maintaining credit health. Women bear the brunt of this, making up nearly 64 per cent of those adversely affected.

The most common examples include New Zealanders who racked up secret credit card debt behind their partner’s back, partners who refused to pay their share of debt after a relationship ended, partners who said they were paying bills but weren’t, and even those who forged their partner’s signature on loan documents. For many, the financial woes are discovered too late, leaving their credit scores in tatters and making it almost impossible to get a loan or mortgage until they’ve built their credit score up again.

Credit Simple New Zealand boss Hazel Phillips says it’s important New Zealanders keep an eye on their credit scores and work quickly to repair any damage.

“Many people don’t bother checking their credit health until they need to apply for a loan or credit card, then it comes as a shock when there’s a default on their file and the loan is denied,” Ms Phillips said.

“The number of Kiwis uncovering secret debt or finding out joint bills in their name haven’t been paid is surprisingly high. Knowing your credit score, and checking it regularly, is the best way to know if you’ve contracted sexually transmitted debt, and work to repair it.”

Research also suggests honesty isn’t always the best policy when it comes to love and finances either. Almost 18 per cent of New Zealanders admit to having money or debt their partner isn’t aware of. Of these people, women lie the most often about finances at nearly 64 per cent compared with men at 36 per cent. The majority of people keeping finances secret from their partner were hiding private bank accounts or cash reserves (67.3 per cent), while almost 18 per cent had secret debt.

However, those funds and debt might not be as well-hidden as Kiwis think. Nearly 12 per cent of people suspect their partner of hiding finances from them. Sixty-five per cent think this is a hidden bank account or savings, and nearly 10 per cent think their partner has hidden debt.

Perhaps unsurprisingly, people who have secret accounts are more likely to argue about finances with their partner. More than 44 per cent of people with hidden finances admit to arguing about money, yet of those with no hidden finances just under 30 per cent argue about money.

Kiwis can check if their credit health is in shape by getting their credit score for free at www.creditsimple.co.nz.

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