Fear of debt ‘prompting secrecy’

Millions of Britons are so embarrassed about debts they are hiding evidence of extravagant purchases from their partners, a new survey has found.

The study by Sainsbury’s Finance found that 1.75 million consumers are withholding information about debt in this way, while 1.92 million are keeping quiet about their costliest buys.

It also found that 3.88 million describe their financial situation as “awful”, 3.59 million are reluctant to open their bank statements and 3.93 million frequently miss deadlines for bill payments.

Such figures may indicate that some could benefit from making changes to their financial arrangements in order to save money on interest payments.

Earlier this week head of Abbey Bank Accounts Gill Almond warned that too many adults are settling for “second best” when it comes to financial products.

Research by the bank found that 11 per cent of consumers do not take up the best products available to them.

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