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Personal loans 'should not be kept secret'
05 February 2008
Loan holders should let their partners or families know about mounting debt problems, according to a charity that provides financial assistance.
A Consumer Credit Counselling Service (CCCS) spokesperson claimed that the charity was not surprised at research by Abbey which revealed that 1.35 million of the UK's unsecured loans had been taken out in secret.
But the CCCS claimed that keeping problems secret was not the right way to ease the stress of the debt.
With a total of £7.7 billion worth of loans taken out clandestinely, the charity urged consumers to let people know of their difficulties, claiming "a problem shared is a problem halved".
The spokesman said: "We would always urge people to share their financial dealings with their partners, and generally be more honest and open about it.
"It's easier that way – there's a lot of stress associated with keeping a serious debt problem secret, and by sharing the problem that stress is relieved somewhat."
He added that it is important to stop debt spiralling out of control and seeking help is one way to start that process.
