Direct Free Debit: Financial honesty 'crucial' for consumers in debt

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Direct Free Debit: Financial honesty 'crucial' for consumers in debt

Mon 2nd Apr 2007

Being open about your situation is one of the best ways of dealing with a financial sticky patch.

According to debt advisor Debt Free Direct, denial over financial problems and ignorance over money matters hinders the potential for people to deal with their financial problems.

Derek Oakley, a spokesperson for the group, said that although more people are willing to talk about perilous pecuniary predicaments, there is still a lot of shame involved with debt.

"There's a lot of places out there where people can get help and as soon as they start talking about it and acknowledging they've got a problem, they'll start dealing with it," said Mr Oakley.

A spokesperson for the national charity Citizens Advice, Sarah Miller, said the group welcomed initiatives which helped people make savvy financial decisions.

"It is good if parents are able to pass on to their children the importance of looking after their money and saving for the future, but also the need to get independent advice quickly if they do get into difficulties," she added.

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