Honesty is the ‘best debt management policy’

Honesty is the best policy when it comes to dealing with a debt management problem, according to the Consumer Credit Counselling Service (CCCS).

The organisation is convinced that indebted Britons will only add to the stress of their financial circumstances by hiding their difficulties from loved-ones.

In general, it is better over the long term for people to be open with their partners and family members about their debts, otherwise financial secrets can often spiral out of control, the CCCS has suggested.

A spokesperson for the organisation said: “We see many people who come to us who haven’t told their partners about their debt problems and we always try and urge people to share their problems.”

The comments from the CCCS come soon after Abbey released research showing that more than 1.35 million people in the UK have added to their debt management burdens without the knowledge of their partners.