Personal loans 'should not be kept secret'

When taking out a personal loan, it is best to share that information with loved ones, according to the Consumer Credit Counselling Service (CCCS).

A spokesperson for the CCCS said that "many people" do not tell their partners that they have taken out a loan or have accumulated debt.

However, he recommended that financial issues be shared with loved ones, as not doing so could lead to stress and unhappiness.

"There's a lot of stress associated with keeping a serious debt problem secret and by sharing the problem that stress is relieved somewhat," he explained, suggesting that "a problem shared is a problem halved".

Recent research by Abbey Loans revealed that up to 1.35 million unsecured personal loans taken out by Britons have been kept a secret from partners and family.

Abbey Loans estimated that the value of these hidden loans was around £7.7 billion.

Source:-http://www.moneynews.co.uk/4204/personal-loans-
should-not-be-kept-secret-/