Banks not told of debt problems

Seven in ten (69 per cent) people have kept their debt problems a secret from their bank over the last two years, according to new figures.

Credit checking firm Callcredit discovered that a worryingly high number of people chose to bury their heads in the sand, with only 8 per cent telling their bank and another 8 per cent looking for debt help from a debt management company.

The problem is widespread too, with two thirds (65 per cent) of the adults surveyed admitting that they have suffered some form of sudden change in their finances, including pay cuts, a cut in working hours and job losses.

This data is backed up by Atlantic Financial Management whose Director, Kevin Still, said that whilst some people have been able to make the most of the extremely low interest rates to pay off some debts, for many others unsecured debt levels of over £30,000 are quite normal.

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