Post Office highlights debt management need

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Post Office highlights debt management need

Thu 22nd Apr 2010

The Post Office has suggested consumers should follow appropriate debt management practices when borrowing money.

Doug Strachan, director of financial services for the organisation, warned that hiding debt can cause emotional and physical turmoil for individuals, which could be avoided by simply "managing the debt effectively".

"The most important thing to remember is that if you do need to borrow money make sure you are responsible about it and set out a clear repayment plan," he advised.

Mr Strachan's comments were made as the Post Office revealed 21 per cent of Britons who owe money are currently lying to partners about how much debt they are actually in.

Of those who cover up this part of their finances, 43 per cent suffer sleepless nights, 15 per cent comfort eat and 12 per cent drink more alcohol.

And the situation could be getting worse. According to the latest Credit Action figures, total personal debt in the UK was 0.9 per cent greater in February than it was 12 months earlier.

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