UK consumers open about bankruptcy

Britain has been labelled a shameless nation because of how open consumers are when it comes to discussing their income and even if they are in bankruptcy.

Research by consumer group uSwitch, has found that more than one third of Brits would be willing to reveal their income to others.

Meanwhile, it was found that almost one in five consumers claim there is no shame in disclosing poor debt management, which may require debt solutions.

Debt help such as professional debt advice or a managed debt solution like an IVA or Debt Management Plan (DMP), could be one of the reasons one third of UK consumers also say that having debt should not necessarily be swept under the carpet.

Kevin Still, director of Atlantic Financial Management, says: "Being prepared to discuss your personal finances and debts with people you trust is an important step forward.

"We often find that couples don't even discuss their own debt problems with each other. There can come a point, however, where professional financial and debt advice is necessary."

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