The prevalence of debt denial in the UK is a growing problem and one that needs to be addressed.
This is the opinion of David Rodgers, managing director of the Debt Advice Foundation – a charity dedicated to the prevention and resolution of consumer debt issues.
He observed that, while attitudes towards debt do appear to be changing, with credit card spending down in the last year, debt denial – where people are unwilling to share worries with their partners, friends or family – is still a concern.
Mr Rodgers remarked that the trust would like to see a change in the next year of borrowers not seeking help for up to nine months once they realise they have a problem.
His comments come in response to a remark from PricewaterhouseCoopers partner Richard Thompson, who stated that “there has been a cooling passion for plastic” over the last year, with credit card borrowing falling by three per cent to £64 billion.
By Sarah Adie