A recent report has shown that nearly one in three people who are struggling to pay their debts have not told their partners or close family members. Of those who reported being in denial over their debts, nearly 20 per cent actively avoided opening their bills.
Despite the recent recession, in which many people have lost their jobs and individual bankruptcies have soared, the research shows that a lot of people are still too frightened to tackle their debt problems, even though allowing the problem to continue without intervention just increases the spiral of debt.
The president of the insolvency trade body R3, which conducted the research, said that as an insolvency practitioner many of his clients had come into his office with unopened bills. Even those who do seek advice often wait six months or more until they summon the courage to do so.
The research also revealed that nearly half of the people surveyed thought that they would have to pay for advice on how to handle their debt problems and more than one in five had no idea where they could go for help.
If you are struggling to pay your debts, the sooner you ask for help the better. Contact us for specialist advice.