Get all your news in one place.
100’s of premium titles.
One app.
Start reading
Wales Online
Wales Online
National
Liam Beard

Breakups result in one in five people being plunged into debt

A relationship breakup can take its toll on a person's mental health and create trust issues moving forward.

Now, the economic impact of breakups has been revealed with 78 percent of people paying up to £5,000 after a relationship ending.

Research by self-storage experts Space Station has revealed that one in five (22 percent) of these people are plunged into debt as a result.

The uncertainty of a split and the damaging nature of a messy divorce contribute to the financial issues.

One of the main issues is rental payments previously being split by a couple then having to be paid in full by one person after the other moves out.

(PA)

This has affected 23 percent of people who have split from their partner, whilst one in seven found it difficult to maintain mortgage exit fees.

Vlatka Lake, marketing manager at Space Station, said: “The breakdown of a relationship is never an easy thing to go through.

"As well as dealing with the end of a relationship emotionally, there are often hefty financial considerations such as exit fees for TV packages, fees for leaving a rental contract early or hiring a removal service.

(Shared Content Unit)

“As the financial repercussions of a split are something that’s not often at the forefront of people’s minds, we created our tips in the hope that they are useful for anyone who is going through a breakup.

"We always recommend speaking to your bank or any of your providers if you need to seek further help with your finances.”

In addition, Brits are putting themselves at greater financial risk by using their savings to cover break-up costs (37 percent).

These financial woes are adding to the emotional stress placed on people exiting a relatiosnhip.

41 percent of these people have experienced anxiety and stress as result and 34 percent admitted to depression, which is not helped by crippling financial worries.

Sign up to read this article
Read news from 100’s of titles, curated specifically for you.
Already a member? Sign in here
Related Stories
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member? Sign in here
Our Picks
Fourteen days free
Download the app
One app. One membership.
100+ trusted global sources.