A recent report has suggested that there are now many people in the UK who are hiding their debt problems, with many of them struggling to make ends meet financially and hiding their debt issues from their families and loved ones. It is thought that around one in three people could be hiding problems relating to their debt levels and struggling as a result of their debts.

According to the report the value of this so called hidden debt mountain could be an astonishing £55 billion, adding to the already huge level of personal debt that consumers in the UK have overall. The average personal debt in the UK is now said to be just under £10,000.

Industry officials are now concerned how people with hidden debt will cope in this turbulent financial climate. Whilst the recession is over many people are still struggling financially, and the threat of job losses is still very real. For those that do have huge secret debts there is nobody close to turn to if things get unmanageable and this could create further problems for these people.

Those that do have high levels of debt that they cannot manage are being advised to seek advice from a debt charity or group, where they may be able to learn about alternative options that are available to them or get advice on better managing their finances and their debts.

One borrower who has a massive £36,000 of personal debt said: “None of my family know about the debt that I am in. A couple of years ago things got really tough so I had to go into a debt management plan, and my family still don’t know about my debt. I will be paying on the plan for about twenty years before I clear my debts. That’s a long time to keep a secret.”

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