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MoneySolve 'Unsurprised' by Secret Debt Statistics
Date:4/27/2010

MANCHESTER, England, April 27 /PRNewswire/ -- Debt management experts at MoneySolve say they're not surprised by the 'hidden debt' statistics revealed by research carried out by OnePoll for the Post Office.

The statistics show that one in three people are keeping the full extent of their financial woes a secret from their families. The average personal debt in the UK, not including mortgages, stands at pounds 9,732.51 but many only admit to owing half of this when discussing finances with friends and family! Taking into account the amount of debt people lie about and the number of people who do lie about it, the research calculates that this means the UK has a 'secret personal debt' total of pounds 55 billion!

Experts at MoneySolve were not shocked by the statistics, commenting that: "We have known for a long time that debt is something of a taboo issue. People just feel uncomfortable owning up to owing lots of money, which explains why so many try to hide some or all of their debts from a partner or from their family. The problem this creates is that these people may feel that they can't actively seek the help they need for fear that those closest to them will find out about the true extent of their debts."

The specialist advisors with MoneySolve believe that this in turn can worsen the issue, advising that: "Ignoring debt is arguably the worst way to deal with it. Burying your head in the sand won't make it go away and may possibly result in family members finding out anyway. Free, professional and confidential advice is available and finding out exactly what options are available to you is the first step on the road to resolving your financial issues."


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SOURCE MoneySolve
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