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One in four hide debts from friends or family

25/11/2009

According to a survey by insurer Axa, a quarter of people are hiding their debts from their friends or family, the Telegraph reports.

Around 24% of people said they had credit card, overdraft or loan debts that they were hiding - with the average secret debt standing at £4,096.

Around 33% admitted they were embarrassed about their debt - giving this as the reason why they were hiding it - while 23% said they were worried about how their friends and family would react if they found out.

Although the average man owes £4,273 (around £500 more than the average woman), the survey found that women are a little more likely to hide their debts than men.

Alison Green, a spokesperson for Axa, said: "There are over 12 million people in the UK today hiding their debt and financial concerns from their partners and family. Be that through embarrassment, fear or, in some cases, ignorance.

"The important thing is for people to take control of their finances and get the help and the support they need. The first step of which is taking stock of their debt and sharing this with the people in their lives."

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Debt Advisers Direct offer free debt advice and a range of debt solutions, including debt management plans, debt consolidation loans and IVAs (Individual Voluntary Arrangements).

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