Britons ‘hiding £50 billion’ in debt

Britons could be concealing as much as £50.1 billion in debt from their partners, it has been claimed.

A quarter of adults polled by insurance firm Axa for its My Budget Day campaign admitted to maintaining a veil of secrecy at home over debt management issues caused by loans, cards and overdrafts.

The average hidden amount of debt is £4,096.32, with the age groups worst affected being 36-40 at £5,883.80 and 46-50, who typically owed £5,880.47.

However, it was those in the 19-30 bracket who were most likely to lie about their debts.

People suffering from hidden debts may wish to change their credit card provider to get a lower rate and thus find a way of trimming the amount they owe.

Britons do need to improve their budgeting skills, managing director of Debt Advice Foundation David Rodgers, said earlier this month.

He noted that a lack of knowledge of how to manage money is leaving 300 people a day resorting to some form of insolvency.

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