Brits unlikely to discuss debt management at home

Brits are unlikely to discuss debt management solutions in the home, as this is one of the top taboo topics in the UK.

That is according to a new survey by life insurance provider Bright Grey, which found that UK adults are reluctant to talk about sex, death and money.

This was followed by illness and sexual orientation, which are topics Brits feel uncomfortable discussing.

Roger Edwards, proposition manager at the firm, said: "The downside of not talking about issues or putting them off altogether is the equivalent to leaving the washing up in the sink – it all builds up until it's a lot bigger than it was originally."

He added that if conversations about debt management do occur in the home, they are initiated by women 59 per cent of the time as they feel more comfortable about discussing money.

Brits with money worries may like to use a price comparison site, such as MoneyExpert.com, to help find a suitable debt solution for them.

This may include a debt consolidation loan, which can lump together a person's outstanding arrears into affordable monthly repayments.

Consolidation loans often have lower interest rates than the original debt, meaning it can be paid off quicker.

However, the one downside is that those with a poor credit rating may struggle to obtain one of these loans.

Another option is an Individual Voluntary Arrangement (IVA), as this is an informal agreement between a debtor and their creditors.

Borrowers agree with their lenders how much they can afford to repay each month over the duration of the IVA, which tends to be five years. If the debt is not cleared within this time it is written off.

BBC News recently reported that there has been an increase in the number of Brits being prescribed anti-depressants, often as a result of debt worries.
 

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