Friends and family shunned when dealing with debt problems

This is a guest post from The Debt Support Trust.

A new survey carried out by debt advice charity Debt Support Trust has found that over half of people in debt had not spoken to friends or family about their money worries. The survey which was completed on the Debt Support Trust website by indebted individuals shows that 55% of people said they had not told their friends and family about their debt problem. Trustee of Debt Support Trust Stuart Carmichael said, “Being in debt can be a lonely and worrying time for a large number of people. When you feel you can’t turn to your friends or family for help it can sometimes help to speak to independent experts”.

The research also found that 65% of people had told less than two people about their debt problem. 77% believed their relationship with friends and family had suffered because of their problems with debt. Mr Carmichael commented, “Debt problems have far-reaching social consequences as well as being a problem financially. Vulnerable people who are dealing with their debt problem alone need help and support to resolve their debt issues in a structured and steady manner.”

This new survey demonstrates that people still feel there is a stigma attached to being in debt despite thousands of people entering debt management and insolvency solutions each year. People in debt worry there is no route out and they are trapped with their financial problem. Friends and family can be an excellent support when a person is in debt, however there are debt advice charities on hand if external support is needed.

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A debt advice charity such as Debt Support Trust has qualified debt advisors who can provide telephone and internet based debt advice.

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