Are debts shameful?
Are debts shameful?
The old image of the steadfast Brit, almost psychopathically unwilling to share details of his or her private life, seems to be fading. According to a new survey, Brits are now willing to discuss that private of private things - their finances.
But is that right, are debts shameful?
Indeed, rather than hanging their heads in shame at debt and its ugly cousin, bankruptcy, the modern UK resident has become resigned to it.
One in three people consider there to be little shame in having accrued debt as the popularity of credit card comparison also shows, while nearly a fifth consider bankruptcy to also be free of shame.
The catalyst for this change has been the recession. More than ever, cash-strapped Britons are following the adage of a problem shared being a problem halved.
The survey questioned 1,400 adults and found that nearly a quarter (23%) were willing to share the knowledge of their debts with others.
More than a third reported being happy to discuss their salary with family and friends, while a fifth were happy to share details of any bonuses that they received.
Pawnbrokers always do well out of recessions and the UK's are no different. While increasing numbers of Brits are forced into making ready cash this way, it seems that their stigma may be fading. Thirty eight percent of people said that visiting a pawnbroker shouldn't be considered shameful.
However, a nearly equal number of people - 34 percent - said that they would never use one under any circumstances. Forty four pe/rcent of people admitted that if they were forced to, then they would keep the visit secret.
The British are apparently changing their shopping habits. The survey reports that Brits are now more than happy to ruthlessly haggle over prices in order to make savings. Eighty two percent reported indulging in the bargaining technique.
UK shoppers agreed almost unanimously that visiting budget shops was perfectly acceptable. Ninety two percent said that there was no shame in browsing clearance stores and pound shops a much better alternative than 0% purchase credit cards.
Shoppers have also come round to the idea of buying second-hand, with eight seven percent admitting to doing so. Those surveyed agreed that it was more important to obtain the best price for goods rather than trying to give the impression of wealth and avoiding such shops.
The ideal, though, is to shop somewhere cheap and pick up extras too - by getting a Tesco Clubcard credit card, for example.
The first step to resolving debt problems is discussing debt problems and forming plans with which to save money rather than spend it. With this in mind, any UK residents willing to swallow their pride and talk about the realities of debt can only be welcomed.
This is especially so considering that the new insolvency figures are to be released soon. They are expected to show an increase on the last figures which reported 35,000 cases of insolvency for the three month up to June.
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