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Millions of Brits 'hiding debt'

By Sarah Engle, Mon 16 Nov 2009 - Published in Loans

Nearly one-quarter of the UK's adults are hiding some form of debt from their loved ones, it has been suggested.

Research by AXA as part of its My Budget Day campaign found that 24 per cent of UK adults, or 12.2 million people, owe money on products such as credit cards, overdrafts and personal loans from their partners, family and friends.

In addition, the study claimed that the average person's hidden debt is £4096.32, meaning that the total for the whole country could be £50.1 billion.

Alison Green, AXA's My Budget Day spokesperson, said: "The important thing is for people to take control of their finances and get the help and the support they need - the first step of which is taking stock of their debt."

The research also showed that those aged 19 to 30 are the most likely to hide debt from the people around them.

Last week, motleyfool.co.uk director David Kuo stressed the importance of people putting money aside for unforeseen circumstances.