Borrowers urged to share financial secrets

It is important not to keep debt problems a secret, it has been claimed.

Following research by Abbey Loans which found that up to £1.3 million of unsecured personal loans have been taken out in secret, the Consumer Credit Counselling Service is urging people to share their borrowing problems.

A spokesperson for the organisation said the results of the study are not surprising as many people who approach them have failed to tell their partner about their debts.

“There’s a lot of stress associated with keeping a serious debt problem secret and by sharing the problem that stress is relieved somewhat,” he said.

“It’s very important not to let this sort of thing spiral out of control,” he added.

The spokesman urged people to share their financial issues with their loved ones, claiming that if this is not possible, independent advice can help them deal with the problem.

© Adfero Ltd

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