Tough times prompt discussions about money and debt

In the midst of the downturn, it seems the majority (53%) of UK adults are ‘far more likely’ to discuss their personal finances with other people than they were a year ago.

According to CreditExpert, the online credit monitoring and identity fraud protection service from credit reference agency Experian, the ‘taboo of talking about money’ may have been broken by the economic downturn, with one person in five talking about money matters to colleagues and acquaintances (and the majority discussing them with partners and close friends).

There are, of course, regional variations. People in London are the most likely to talk to other people about their finances – 61% of Londoners confide in others, with the most popular subjects being their spending cutbacks, their savings and investments, and their debt.

“It’s good to see people talking about money and debt,” said a debt management expert for Gregory Pennington. “When they discuss their issues, people often find that lots of others are in the same situation. They may even hear some useful tips about the best way of dealing with it.

“However, it’s important to recognise that everyone’s situation is different, and the approach that works for one person might be completely inappropriate for another. There’s nothing wrong with getting debt advice from friends and colleagues, but it’s never advisable for people with debts to commit themselves to a specific approach before talking to a professional debt adviser.”

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Gregory Pennington offer debt management plans as well as a range of other debt solutions. If you are worried about debt, contact one of our expert debt advisers now.