Tuesday, 29 January 2019 03:10

Family debt secrets on the rise

We all know that there is a debt crisis getting a grip on the UK. Figures show that millions of people are struggling to keep their heads above water due to rising living and energy costs and stagnated wages. 

We'll never honestly know the real extent of people's financial problems, however, especially when you learn that the majority of these people struggling with debt don't even tell their loved ones the pickle that they're in.

Figures highlight that around a third of people haven't told their partner or close family and friends about the money problems that they are being faced with. 

Many of the 5,000 people questioned said that they had downplayed the extent of the debt and the actual money that they owe. Nine per cent of these people, worryingly, admitted that they hadn't even told their family that they owed money and went to varying lengths to cover up the repayments that they needed to make.

This is concerning to say the least. It is stressful enough for people to be dealing with debt and juggling finances to keep afloat, but doing this while not being able to speak about it and open up could be damaging. We're already aware of more people suffering from mental health issues, but bottling things up cannot be healthy for anyone. The figures also show that males are less likely to divulge about their financial problems.

We would always advise people to open up about any problems that they have. There is help and advice on every corner for debt problems these days, and there are lots of options available to help consolidate debts and make repayments more manageable.

People should always bear in mind that credit isn't the answer. Putting things on the credit card when there isn't a means to pay for it is a slippery slope and isn't a great way to get through life.

Figures also suggest we're entering a debt pandemic in the UK. Over £95 billion is believed to be owed by millions of Britons - with the majority of people in debt admitting that they cannot afford to pay off what they owe.