Nearly a quarter of adults in the UK are hiding debt from their partner, friends or family with an average hidden debt of over £4,000.

According to research by Axa, many people are hiding their debt, whether it be as an overdraft, credit card debt or loans, it all adds up to worrying amount.

The state of their finances is a key area that people lie about, only topped by how many previous partners they’ve had and how much they spent on an item of shopping.

The highest levels of hidden debt are amongst those aged 36-40 and 46-50, with both groups having close to £6,000 average debt.

So why do people hide their debt?

For some it’s down to embarassement or worry about how their loved ones will react.

Of more concern though is that for many it’s down to debt getting out of control or even worse that they didn’t even realise how much debt they had.

Can you manage your detbs? If you do have debt problems the sooner you taken action the better – if you don’t it could lead to serious consequences.

Geting debt help from professionals to start the ball rolling is well worth considering.

Axa’s My Budget Day encourages anyone who is putting their head in the sand about debt to change this, start taking an active role and address their personal finances.

You can anonymously air financial confessions on their website.
©MoneyHighStreet.com Personal Finance