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Abbey Loans: Some Brits borrow secretly
More than a million people have taken out loans without telling their family or partner about the debt, Abbey Loans has found.
Some 1.3 million people have got a so-called secret loan, with more than half of them saying they are using the funds to repay other debts.
The news comes after the latest debt statistics by Credit Action found that British borrowers pay some £94.5 billion a year in interest, with the average debt per household standing at £56,234.
Abbey Loans' survey discovered the typical amount borrowed by secret debtors was £5,720, according to Abbey Loans, with the majority of loans for an amount smaller than £3,000.
However, some people's secret borrowings are more substantial. Abbey Loans found that there are people with secret loans of as much as £50,000.
Paul Morrish, Abbey Loans director, urged people not to take on debt without discussing their options with friends or family.
"Talking about your financial situation with others can help so that you can be realistic about what is affordable,"
