Debt? Ssh, not a word

The Debt Advisory Centre Scotland says one in 20 people in Scotland has debts of more than £10,000. One in ten owe between £5,000 and £10,000. This doesn’t mean long-term repayments such as mortgages, but short-term borrowing that somehow can’t get paid back. It’s a terrible worry, and such a hard thing to share that it is almost always kept secret.

Ian Williams of Debt Advisory Centre Scotland says that anyone keeping a debt secret probably couldn’t afford whatever the money bought in the first place, but added, ‘If you’ve done it once, you’re likely to do it again.’ The resulting stress on relationships where finances are shared is massive.

Mr Williams advises that being honest about the debt is the first step, and the hardest one. Taking control of a sensible and manageable household budget is the next step, and there is help available.