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Credit crunch affects divorce rates

30/07/2008

People may be staying in unhappy marriages due to the credit crunch, a finance expert has said.

In England and Wales, the provisional divorce rate fell for the second year running, by seven per cent compared to 2005, according to the Office for National Statistics (ONS).

The reason for the decline may be financial, as funds are tied up in property that cannot be released, according to Consilium Financial Planning.

Managing director Kevin Morgan said: "Simply because invariably the `equity` in the relationship is property and if it can`t be sold, it`s substantially more difficult to release funds."

Mr Morgan added remortgaging was often used to release equity before the credit crunch but now deals are more scarce, "this avenue leads to a cul-de-sac".

People worried about facing debt problems or struggling with mortgage arrears alone are therefore staying with their spouses.

ONS found the current divorce rate is at its lowest since 1984.

Many debts unaffected by base rate cut 09/01/2009 - Yesterday, many borrowers welcomed the Bank of England’s base rate 1.5% base rate – an historic low 08/01/2009 - Today’s base rate cut by the Bank of England’s Monetary Gas price cuts expected 07/01/2009 - Energy company Scottish Power has announced the launch of a Personal debt about £1.5 trillion 07/01/2009 - The UK’s personal debt stands at around £1.5 trillion, according