Monday 16th of November 2009
Debt management plans could be of particular interest to Scots, after new research revealed those north of the border are most likely to keep borrowings secret from their friends and family.
According to the study by AXA, almost half (46 per cent) of the Scottish population admit to keeping unsecured debts - such as credit card bills, overdrafts and personal loans - secret from their loved ones.
The statistics in Scotland are much higher than the national average, which reveals that around one-quarter - or 12 million people - in Britain deceive others over debt.
Common causes of debt include, for 35 per cent of people, buying clothes, as well as holidays (34 per cent) and eating out (25 per cent).
A debt management plan could be ideal for those looking to tackle unsecured debts quickly and effectively, as it can reduce interest rates on existing loans.
This may make it easier for consumers to reduce and eventually clear what they owe, as with a debt management plan they may no longer be battling to find cash just to meet interest repayments.
By Mark Waterman
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