People should 'share debt problems'
(06 February 2008)

People should be open with their families about their level of debt to share the burden, says an expert.

Recent research by Abbey has found that British people have taken out £7.7 billion in unsecured loans which they have not told their family about.

A spokesperson from the Consumer Credit Counselling Service said that there are high levels of stress involved keeping a serious debt problem a secret, which should be avoided.

"There are lots of people who have serious debt problems who haven't told their partners about their situation," said the spokesperson.

"We would always urge people to share their financial dealings with their partners, and generally be more honest and open about it."

The spokesperson advised that "a problem shared is a problem halved" and that the situation can worsen if it is not dealt with.

He said that keeping personal loans a secret can then lead to undisclosed credit card debt, "spiralling out of control".