MANCHESTER, England, March 15 /PRNewswire/ -- Debt management specialists at MoneySolve have called for more openness around the topic of debt. The experts believe that encouraging people to discuss the topic more openly, could lead to individuals seeking help sooner, commenting that:
"We're not saying everyone should stand on the street and shout about their finances. But there is still a rather old fashioned stigma around debt and, in particular, bankruptcy. This in turn makes people feel embarrassed about their financial problems. We then find that some people are reluctant, through shame or embarrassment, to seek help and even lie about the extent of their money worries to loved ones. This can be very isolating and distressing for the individual concerned and could have dire financial and personal consequences"
And indeed it seems that many people do hide debts from their partners. A survey carried out in 2009 by Sainsbury's Finance found that 18.5% of those questioned admitted to hiding some form of debt from a spouse or partner. MoneySolve's debt experts advise that this can actually worsen their financial situation.
Ignoring a debt problem or indeed deliberately concealing its existence just makes the situation worse. MoneySolve encourages more openness and discussion about debts and finance in general, stating: "Perhaps we can remove the taboo element of debt and make those struggling with their finances feel more comfortable in seeking assistance and hopefully feel supported in their efforts to resolve their problems."
SOURCE MoneySolve
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