Face Your Debts and Not Hide Them
Wednesday, April 28th, 2010
It’s true that having large debts can be an embarrassment to anybody. It’s a negative thing in life and something to be ashamed of.
But although many people feel guilty about having debts, unfortunately there are also some who are not. This type of people who are not ashamed of the debts they have accumulated can even go to the extent of ignoring what they owe and escape from their financial responsibilities.
In the U.K., a new research has found that about a quarter of adults which is equivalent to 12.2 million people hide their debts from their family and loved ones. These debts that they keep to themselves include loans, credit cards and overdrafts among others. The study done by AXA reveals that the country has a total hidden debt of about 50 billion sterling pounds. This is an average of more than 4,000 pounds.
Finances, according to the research, ranked third among the things that people in the U.K. lies about. The first two are on the number of past partners and how much money they spent in shopping. Furthermore, it was found out that mostly those aged between 19 and 30 are guilty of not telling the truth about their finances. They’re also the ones with the most hidden debt at 26 percent.
Gender wise, women were found to be not honest about their spending on shoes and clothes. Men, on the other hand, usually lie about how much they spend on drinking.
As to the reasons for hiding debt from loved ones, researchers point to embarrassment as the main factor at 31 percent. Other factors were fear of the negative reactions from their family and they were just not able to control themselves.
These reasons may be valid but if you think deep and if you care about your loved ones, the best way to deal with the issue is to face it. If you value your husband or wife, then it’s better to be honest about your finances. Revealing the real reasons should not lead to long arguments and fights. If you have an understanding spouse, you should be able to sit down and talk things out in the most honest and calm manner as possible.
Proper management of finances is important to be able to lead the life you want for yourself and your family. If debts exist, then find ways to pay them back and not escape from them. If funds are a problem, then seek other options.
One of the most sought after ways to pay debts today is to use the short term unsecured loans. These include the payday and cash advance which many borrowers find very affordable compared to the credit cards and bank loans. With less requirements needed not including collateral and fast approval process, it’s not difficult to get this type of loan to help you pay your debts.
If possible, stay away from using the credit card because it will only add to your debt. Previous reports and studies have shown that using the plastic is an expensive habit due to the high finance charges and interest rates involved.









