Brits Encouraged To Be More Open About Debt Problems

Tue, 10 Aug 2010

Britons struggling with debt should talk more about their financial problems, according to debt advice and debt management specialists MoneySolve.

The company believes that discussing and talking about debt issues could help encourage people to take action and seek expert advice, instead of putting their problems to one side.

A survey carried out last year by Sainsbury’s Finance showed that many people try and hide their debts from their loved ones, either out of embarrassment or because they are worried about their partners/spouses will react.

However, debt advisors at MoneySolve stress that this will only create further problems for those in debt .

A member of the MoneySolve team said: "We’re not saying everyone should stand on the street and shout about their finances . But there is still a rather old fashioned stigma around debt and, in particular, bankruptcy . This in turn makes people feel embarrassed about their financial problems ."

"We then find that some people are reluctant, through shame or embarrassment, to seek help and even lie about the extent of their money worries to loved ones. This can be very isolating and distressing for the individual concerned and could have dire financial and personal consequences"

"Perhaps we can remove the taboo element of debt and make those struggling with their finances feel more comfortable in seeking assistance and hopefully feel supported in their efforts to resolve their problems."
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