Consumers urged to be open and honest about secured loans
06/02/2008Those who have borrowed - be it in the form of secured loans, adverse credit loans or any other type of financial product - have been advised that honesty is often the best policy when discussing money matters with a partner.
According to the Consumer Credit Counselling Service (CCCS), many people in debt do not tell their significant other, even though doing so can help to share the responsibility and minimise the stress some feel when borrowing.
A spokesperson for the organisation said if consumers keep one loan a secret, there is nothing to stop them taking on more debt and letting it "spiral out of control".
"We would always urge people to share their financial dealings with their partners and generally be more honest and open about it," he advised. "It's easier that way."
Research by Abbey Loans recently discovered that up to 1.35 million unsecured personal loans have been taken out "in secret".
Opting for a secured loan may provide more peace of mind as it is linked with an asset such as property as a form of collateral.
 © Adfero Ltd
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