Hiding debt a serious problem

People up and down the UK are taking out secret loans in order to service their debt problems according to new research from Abbey Loans.

The group say that some 1.3 million people have taken out loans without letting other members of their family know. Half admit that the purpose of the loan is to pay off other debts they have built up over a period of time.

This is represents quite a serious problem as the Abbey say that the average amount borrowed is usally in excess of £5,000 representing a major financial decision.

If you're struggling with debt it's good that you've taken measures to sort things out, but it's always better to discuss things with your close family first. They might be able to offer you advice and guidance, or even some financial help.

You'll always give yourself a better chance of elimating your debt if you come clean with yourself and those around you, no matter how embarressing that might be.