Wednesday 3rd of November 2010
Individual voluntary arrangement (IVA) questions could be sought by those deep in debt who have shared money worries with the people around them.
A survey carried out by uSwitch.com found many Brits are now happy to talk about their financial problems that were previously regarded as taboo.
The research showed almost a quarter of individuals would be prepared to reveal how much they are in arrears by, while a third of respondents said they felt no shame at being in debt.
Ann Robinson, director of consumer policy at the company, stated: "Some may see it as a sign of shamelessness, but for many Brits it's a case of desperate times calling for desperate measures."
She added the investigation revealed that in order to conquer their financial issues people are deciding to share information with family and friends, but advised sometimes it is vital for individuals to seek professional advice.
Last week, Mar Sands, national head of bankruptcy at RSM Tenon, noted a cultural shift over the last 20 years has led to Brits believing it is acceptable for them to renege on loan repayments.
