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Third of people with debt problems staying quiet

Third of people with debt problems staying quiet

- Tuesday, 6 April 2010

Many people with debt problems are having huge trouble finding debt solutions and have not even been able to confide in their partner.

That is according to research from the insolvency trade body the R3, which has shown that a third of people struggling to get out of debt keep the extent of their financial difficulties to themselves.

More than a fifth are unsure where to turn for debt advice and a similar proportion are unable even to open their bills.

R3 president Peter Sargent reiterated experts' advice to seek debt help as early as possible so as to avoid unmanageable debt problems, bemoaning the stigma that accompanies indebtedness.

"Even after a long recession people are still terrified to 'own up' to debt problems," he said.

"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."

According to the industry expert, even those people who did eventually ask for debt advice tended to wait for six months before looking for help.

Sargent recommends taking professional debt advice from insolvency practitioners.ADNFCR-2300-ID-19704793-ADNFCR
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