Ever heard of the old saying that a problem shared is a problem halved? Well in the area of consumer debt advice we find that very often someone with financial problems will try everything not to share their debt problems with their partner or family. From among the many hundreds of indebted people we talk to every month many of them have kept the total levels of debt secret from their partner or wider family, and in some cases the partner and family is completely unaware of any debts whatsoever!

The “hidden” debt issue has been made all the greater by the ease with which credit cards can be taken out and credit limits increased. We have recently had a case where a woman had more than £75,000 of unsecured debt which her husband was not aware of. Likewise another client was due to have his house repossessed on the day he rang us and still had not told his partner; apparently he was an early riser who used to pick up the post to avoid his partner finding out about the mortgage arrears and other financial problems!

Clearly there are exceptional cases such as those quoted above but many people still do not realise just how easily and quickly unsecured credit can build up into a problem. Much of UK society spends to its monthly financial limits and our experience shows that an unforeseen circumstance - e.g. job loss or illness - quickly tips the family finances over the edge and into arrears. In the event of such financial difficulty people should immediately seek professional debt advice - there are many reputable companies who will provide guidance and advice without charge – rather than simply burying their head in the sand. In most cases the person with the debts has built up these debts while trying to make up shortfalls elsewhere in the family finances, rather than simply spending it upon themselves. Making a partner or family understand all the circumstances - perhaps using an intermediary – will help significantly in tackling the overall debt problem.

In our experience the consequences of failure to tackle these debt issues often leads to even more borrowing to service the existing liabilities. The borrowing then reaches the point where the whole financial “house of cards” must fall over. Once the debtor goes into the inevitable arrears then the telephone calls and letters will start to arrive, often followed by the debt collectors knock on the door. Not much chance of keeping all that quiet then.

Before the worry, stress and debt pressures become too great please please obtain some financial advice. Sharing your financial burden with a friend, doctor or a professional financial advisor will definitely help you see a way through your predicament. You may need ultimately to discuss it with your partner but it is never too late to find a solution to any debt problem. No matter how worried you are about other peoples reactions to your debt predicament, once the initial shock is over the problem will truly be halved and the solution twice as close to hand.

Labels: debt problems, financial advice, unsecured debt