Finance news from Loans Park

London (loans-park) June 17, 2006: Easy availability of all types of secured loans and unsecured loans is encouraging more and more Brits to avail loans.

However, a recent research from leading debt adviser Debt Free Direct reflects that almost three-quarter of Brits who are under serious debt problems hide their financial problems from their husbands or wives. Such seriously indebted persons are more likely to reveal the truth to their family and friends rather than their life partners.

Andrew Redmond, chief executive of Debt Free Direct said that people hide debts for many reasons, but often it was to try to avoid facing up to the realities of their financial situation. Redmond further said that if couples openly share details of their finances then they were more likely to seek help earlier so as to avoid possible bankruptcy.

The survey also revealed that nearly 13 per cent prefer to hide their financial crisis until the debts become simply too large to hide.

The survey emphasises the need for more honesty and transparency on part of the couples having serious debt-problems. Redmond said that many people don’t realise that debts in their sole name can affect their partner also since a property owned by a bankrupt will probably be sold to pay off creditors, meaning the loss of the family home. Redmond explained that partners also share liability for any debts in joint names, such as credit agreements or shared overdrafts even if they were unaware of the scale of the problem.