Unnecessary stigma over debt consolidation plans
Unnecessary stigma over debt consolidation plans
Wednesday 7th April 2010
According to the latest figures from R3, the insolvency trade body, 30 per cent of those who are struggling financially have not even informed their immediate family of their ailing monetary situation.
In addition, the study shows that a further 19 per cent of people admitted they cannot face opening their bills at the end of the month.
It reveals this is therefore hindering them from accessing appropriate debt management and is instead letting the amount of money owed accumulate.
"Here lies the damming spiral of personal debt," commented R3 President Peter Sargent.
"Even after a long recession people are still terrified to 'own up' to debt problems. Yet this ultimately makes the issue worse – 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."
He revealed that 21 per cent of those struggling with debts did not know where to turn for financial help, despite the plethora of debt management companies available to lend support to consumers.
Of those facing hardship, 90 per cent said that they thought money management should become part of the school curriculum.
Meanwhile, a poll of 3,000 people by lovemoney.co.uk, yesterday (April 6th) revealed that the average person now holds personal debts in excess of £6,000, highlighting the need for debt management plans.
News article brought to you by Debt1 – The debt consolidation company
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