Quarter of people in need of debt management advice

Almost a quarter of UK adults (24%) need debt management advice, due to hidden debt that has not been revealed to their partner, friends and family, according to a new report by AXA*. 

The average level of debt for those affected is £4096.32, spread over bank overdrafts, credit cards, store cards and loans. 

The age grouping most likely to have hidden debt was the 19-30 age group, of whom 26% had hidden debt. 

Largest hidden debt by cash value was among the 46-50 age group, where the average amount was £5880, and the 36-40 age group, with an average debt of £5834. 

AXA recommends financial advice as a means of facing up to and gaining control of debt. 

“The important thing is for people to take control of their finances and get the help and support they need,” said AXA spokesperson Alison Green. 

Those hiding their financial concerns should be encouraged to take their head out of the sand and start taking an active role in their financial future, she said. 

*Source: AXA report ‘My Budget Day/UK home to £50bn of hidden debt’, November 2009