Brits Hiding Loan Debts from Families

Fri, 23 Apr 2010

New figures released by the Post Office have revealed that Brits are hiding debts totalling £55 billion from their families. The new report suggests that the average personal debt excluding mortgages is currently £9,731.51, though most people only admit to having £4,603.17 of debt. Given the extent of mortgage debt in the UK, that Britons typically have nearly £10,000 in further debt from personal loans, credit cards and other forms of credit is concerning.

The report claims that 31 per cent of Brits do not reveal the true extent of financial problems to other family members, while 21 per cent are keeping the information from their partner. Furthermore, 43 per cent of those hiding debts are apparently experiencing sleepless nights, with a further 32 per cent admitting to experiencing higher levels of anxiety.

Psychologist Donna Dawson has urged consumers to be honest about their debts, as failure to be open can result in debts spiralling, especially in the case of debts with high interest rates such as bank overdrafts and payday loans . Consumer credit group Credit Action revealed figures at the end of February suggesting the total level of personal debt in the UK stood at £1.4 trillion.
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