1 in 4 people are hiding debt problems

17/11/2009

Around 24 per cent of people admitted they had credit card, overdraft or loan debts that they're hiding from friends and family.

That's according to insurer Axa who say that within this group the average person owed around £4000 through secret borrowing and that 1 in 3 said they hid their debt because they were embarrassed or worried what people close to them would think.

Axa spokeswoman Alison Green said, "There are over 12 million people in the UK today hiding their debt and financial concerns from their partners and family. Be that through embarrassment, fear or, in some cases, ignorance."

She went onto say that "The important thing is for people to take control of their finances and get the help and the support they need".

Kevin Still Director of debt solutions comapny EuroDebt says "One of the benefits of EuroDebt home visit model for providing debt advice and debt counselling is that hidden debts become apparent very quickly and the level of debt disclosed can easily increase by anything up to 100 per cent.

Being honest with yourself is a major first step to getting your finances back under control.

On a Debt Management Plan'>Debt Management Plan there needs to be trust between the creditors, debt management company and the client, whether they are single or a couple."

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