23/04/2010
UK struggle in overcoming anxiety over debt because they keep it 'secret'
by William Hobson
One in three UK consumers struggles with anxiety over their financial debts - and the fact that they keep these problems from their loved ones.
"Hidden" debt has been revealed as a huge problem for the UK public according to new research. Nearly one in three people say they keep some or all of their financial problems hidden from their family.
Hiding these problems can lead to serious emotional and eventually, physical consequences. The inability to seek help from loved ones in overcoming anxiety over debt can lead to sleepless nights, constant stress or even alcohol abuse.
Research conducted by the Post Office has revealed that though the average personal debt in the UK is £9,731.51 - excluding mortgages, people generally admit to just half of this when they discuss it with their partner or a member of their family.
One in five people hid their debt from their partner and a staggering 78% have never confessed the true extent of their debt to a close friend or family member. Rather than come clean though, the majority of the remaining 22% have been caught out - 60% having been directly questioned by their partners or family members on how bad the situation is.
It appears that even some of those who have been caught out will continue to try to deny it though. 25% said they still tried to hide the extent of their problems, whilst 26% stated that their subterfuge had only made their money problems worse.
For many people facing up to the problem and taking anxiety hypnotherapy or other types of treatment may be the only way of coming clean and dealing with the debt. Otherwise they face negative symptoms such as sleepless nights (43%), mood swings (21%) or even alcohol abuse (12%). Worst of all though, 12% of respondents said that they could no longer perform properly in their work due to the stress.
"Hiding the extent of debt from a partner or family member may give us a false illusion of control or independence," said psychologist Donna Dawson, a specialist in personality, behaviour and relationships. "But the reality is that our mental and physical health suffers - and once uncovered, the health of our loved ones suffer as well."
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