Britons 'hiding debts worth £55bn'
By myfinances.co.uk staff
Britons are keeping debts worth a combined £55 billion from their partners and other family members, according to a new report.
Figures compiled by the Post Office show that the average personal debt excluding mortgage loans stands at £9,731.51, yet people typically admit to owing around half of this - £4,603.17.
Some 21% of Britons are currently lying about the extent of their borrowing to their partner, while another 31% are keeping the true state of their finances from other family members.
The report said that 43% of those hiding debts from loved ones are experiencing sleepless nights because of the secret, while 32 per cent admit to feeling higher levels of anxiety.
Psychologist Donna Dawson said that keeping borrowing concealed from loved ones may gives a "false illusion of control" but in reality, it damages both mental and physical wellbeing - and when the truth comes out, it can destroy trust between partners.
She added that being open and honest about finances as early as possible means people are more likely to get the support and advice they need.
According to Credit Action, total personal debt in the UK topped £1.4 trillion at the end of February.
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