6 February 2008
Recent research suggesting that many personal loans are kept secret from the borrower's friends and family have not surprised the Consumer Credit Counselling Service (CCCS), a spokesman for the debt advisors said yesterday.
An Abbey study has shown that as many as 1.35 million of the personal loans taken out in Britain over the past year might have been received in secret.
This equates to £7.7 billion of borrowed funds.
Commenting on the research, the CCCS spokesman said that the service sees "many people" who are too embarrassed or ashamed to share their debt problems with their nearest and dearest.
"We always try and urge people to share their problems, as a problem shared is a problem halved," he continued.
"There is a lot of stress associated with keeping a serious debt problem secret - and by sharing the problem that stress is relieved somewhat…it's very important for people to not let this sort of thing spiral out of control."
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