One Million Scots Keep Debts Quiet

December 19, 2013

It’s often said that people can keep feelings and emotions locked up inside and when it comes to the sensitive subject of personal debt, it seems many of us are adopting the same reticent approach.

According to a recent survey on how we handle the stigma of indebtedness, results show that one in 20 people in Scotland are keeping debts of more than £10,000 secret from their nearest and dearest, whilst one in five are keeping smaller debts of around £2,800 hush-hush.

This equates to a total of 1.1 million Scots hiding their financial situation from friends and family.

Unfortunately, this often means that they’re less likely to tackle the issue by speaking with creditors or seeking help from professional debt advisers.

The survey results also highlight how nearly a quarter are hiding debts of between £2,500 and £5,000, and one in ten are concealing between £5,000 and £10,000. Worryingly, 5% are pretending that their debts of £10,000+ don’t exist, effectively sweeping it under the carpet.

A debt advice spokesperson commented:

“The fact that you are keeping the debt secret indicates that you probably couldn’t afford to spend the money in the first place – and if you’ve done it once, you’re likely to do it again. You could very quickly find yourself struggling to repay unmanageable debts that threaten your credit record.”

If your borrowing has led to a secretive debt problem, it’s truly essential to address it as soon as possible. The first step is the toughest one to take but by sharing the problem with a professional debt adviser and with people close to you, you will soon be on the path to financial recovery.

Here at Scotland Debt Solutions, we can help you to create a debt management plan and discuss any suitable debt solutions to help get your finances back on track.

Speaking with your priority creditors is the first step. If they are aware that you’re struggling financially, they may be more open to arranging a payment plan, or giving you more time to repay. Being nervous about sharing the issue or making that call is completely normal, and that’s why our team at Scotland Debt Solutions are on-hand.

Why not call us today, and let us help provide you with the first steps to fixing your finances?

John Baird

Insolvency Adviser

Tel: 0800 063 9250

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