Around 43 per cent of people in debt are scared to take action with regard to their financial situation, according to recent research conducted by a debt website.
The study found that the reaction of the family to a debt problem is the main cause for concern about revealing financial problems and this is the reason why those in trouble wait longer before taking action, which often adds to their debt burden.
Almost a quarter of people in debt take at least a year to deal with it and debilitating worry is often a side-effect. Forty per cent of those polled felt they were unable to move on with their life because of their debt problems .
Jessica Bown, an independent consumer writer, said: "This stigmatism of debt also breeds mistrust so people keep the problem from friends and family, but then find it hard to trust a professional debt adviser for fear of being sucked in further. The main concern is that while the fear factor is preventing people from talking about debt and seeking help, their debts continue to mount."
People are keeping their debt worries to themselves
Thu, 06 Aug 2009
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