- Thursday, 22 April 2010Effective
debt management can prevent emotional and physical distress, claims a financial expert.
In response to a new poll carried out by the Post Office, which revealed today that one in five people were hiding debt from their partners, Doug Strachan warned consumers to be responsible about
debt management.
Mr Strachan, director of financial services for the Post Office, said: "The most important thing to remember is that if you do need to borrow money make sure you are responsible about it and set out a clear re-payment plan."
He added that the recession has led to families experiencing levels of debt they cannot control, causing emotional stress.
The Post Office report revealed that people hiding the extent of their debt from their families often had sleepless nights (43 per cent), mood swings (21 per cent) or turned to alcohol (12 per cent).
On average a person has debt worth £9,731.5 but most people only admit they owe half that to their partners.
The government's
debt management programme was panned earlier this month by a committee of MPs but they did praise its provision of face-to-face debt advice which could be needed for those secretly falling into the red.
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