‘Shameless’ attitude to debt exacerbating financial misery?

A shameless attitude to debt in the UK could be exacerbating the financial misery of many, new research has suggested.

Carried out by uSwitch.com, the study fond Britons are no longer embarrassed about their money troubles and are happy to discuss issues that used to be considered taboo.

The survey found nearly a quarter of those questioned (23 per cent) would reveal their debts to other people.

Moreover, it suggested many individuals are not ashamed of their arrears, with one-third (33 per cent) stating there should be no shame in being in debt and nearly one-in-five (18 per cent) indicating there is no stigma to bankruptcy.

And it appears Brits are becoming more open in regards to sharing their money situation with others, as 48 per cent are happy to divulge the current value of their home to family and friends and 33 per cent would let the mortgage on their abode be known.

However, individuals also seem concerned about reducing their expenditure – with 92 per cent of respondents saying it is OK to buy goods from budget shops, 87 per admitting they will buy second-hand products and 82 per cent claiming they would be prepared to haggle.

Director of consumer policy at uSwitch Ann Robinson said: “Although people may be happy to talk about their debt to friends and family, sometimes you need professional advice as well and it’s vital that people see there is no shame in this.”

A recent study by the Post Office revealed many people in the UK are in debt to their friends, as individuals have borrowed more than £7 billion from their mates to supplement their income.

By Joe White