The effects of the credit crunch are leading people into concealing their financial woes from their loved ones, according to Moneynet.

Of those surveyed, 14% said they have debts on an overdraft, credit card or personal loan that their spouse or partner knows nothing about.

And nearly a quarter of those who responded to the survey said they would rather pay high rates of interest on a loan or credit card to get by than admit to their close family that they are in financial difficulty.

Andrew Hagger, spokesperson for Moneynet, said: “The fact that a significant number of people would rather get into debt than share their worries with those closest to them is a shocking indictment of the state of the nation’s finances.

“It shows just how much pressure people are under to stay afloat and with house prices still falling, energy costs soaring and rising inflation keeping a cut in interest rates off the agenda, the number of people in real trouble will only increase.”

It’s not just luxuries or non-essentials that are busting consumers’ budgets. As many as 20% say they are having to use a credit card to pay for everyday household expenses in order to make ends meet. But this is before the massively increased gas and electricity bills have even landed on the doormat, so what seems difficult for some now could become impossible in the coming months.