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Britons 'opening up about debt'

Britons 'opening up about debt'

Category: Credit cards

Updated: 09/01/2009
First Published: 09/01/2009

MONEYFACTS ARCHIVE
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Consumers struggling with debt due to credit cards and unsecured loans are now more likely to talk about it with friends than they were a year ago, it has been revealed.

Research by credit report service CreditExpert.co.uk found that 53 per cent of people are more willing to discuss finances, with spending cutbacks a major talking point for more than a third.

Women were found to be the most likely to open up about money, with 56 per cent of female respondents stating that they are discussing such issues more, compared to 49 per cent of men.

Director of CreditExpert.co.uk Darryl Bowman welcomed the findings, noting that talking about economic struggles helps to address difficult issues.

"It's good to see people reacting positively and talking about their finances with those closest to them," he said.

Personal debt in the UK stood at nearly £1.5 billion by the end of November, according to figures released by Credit Action this week.

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