Denial about Debt

A third of people with debt problems have not told their family or partner, according to fresh research by insolvency trade body R3.

The trade body said that 30 per cent of those struggling financially without help have not told those closest to them, and a further 19 per cent of those said they couldn’t  face opening their bills.

Peter Sargent., R3 president, said: “Here lies the damming spiral of personal debt. “Even after a long recession people are still terrified to ‘own up’ to debt problems. Yet this ultimately makes the issue worse – we know there is a group who are not addressing their financial problems and can’t even come clean to partners or family about them.”

He added: “In my years as an insolvency practitioner, I have seen many cases of people coming into my office with unopened bills. We need to break this cycle of fear. Even people who do seek advice usually delay six months in doing so.”

And in fresh evidence about the confusion regarding debt advice, 21 per cent of people said “they didn’t know where to go for help.”

A staggering 90 per cent of the group surveyed thought that lessons in how to manage money should be taught in schools to increase awareness. While nearly half, 44 per cent, thought they have to pay for advice. 

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