Don't Hide From Debt - Get Help

SALFORD, GREATER MANCHESTER -- Debt management company Gregory Pennington has advised people struggling with debt not to try and hide or delay getting help with their situation, after research by uSwitch.com found that more than three quarters of Brits would not be happy to discuss their debts with friends and family.

A poll by the price comparison website found that just 23% of people would be happy to discuss debts with their loved ones, compared with 37% who would happily discuss their salary.

The research also reveals the shame many people feel about their debts. Only 33% of respondents said there's no shame in being in debt, while only 18% said there is no shame in bankruptcy.

A debt expert at Gregory Pennington commented:

"A lot of people do get embarrassed about struggling with debt, and many people's automatic reaction is to try and hide the problem. But friends and family can offer a lot of help and guidance when it comes to this kind of thing, which can make the situation easier.

"More importantly, it's important to discuss the situation openly with lenders. Once they've been informed of the problem, they may be able to help the borrower arrange an alternative repayment plan, for a short period at least. If this doesn't help, it's a good idea to get advice from an independent debt adviser.

"Failing to do this means the debt is left to grow. Interest could build up quickly and the situation could become a lot more difficult to deal with later on, so the advantages of getting help early are clear."