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Why are Britons hiding debt from their friends & family?

  • December 02, 2020 08:55 PM AEDT
  • Team Kalkine

The Britons are hiding debt of close to £8.5 billion from their friends and family. One of the key reasons for mounting debt is the splurge on shopping. The average debt per individual is £600, which is through the use of credit cards, overdrawn on bank limits, and fallback in bill repayments. As per credit agencies, about one-fourth of the Britons hide their financial condition, and secret shopping is the primary reason.

The spenders are also getting indebted to the same family members and friends from whom they are hiding the financial position. The recent health crisis has severely affected the financial condition of the people, and overspending has become a serious problem.

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