Borrowers around the UK deliberately conceal the amounts of money they owe in order to gain more credit, it has been claimed.
Roger Miller, a senior partner at the Curtis Solicitors firm, told the Plymouth Herald recently that lenders are often deceived by consumers who are willing to lie in order to borrow more money.
As millions of Britons continue their struggle to become debt free, Mr Miller suggests that it is common for people to hide personal loan or credit card debts when they apply for further credit.
“My advice to borrowers facing difficulties is always to lay all your cards on the table with creditors,” he said.
“Only then can settlement to both parties’ advantage be reached.”
Britain’s debt management burden increases by close to £1 million every four minutes, according to figures from the Credit Action charity.