UK Money News
30th January 2008
Brits keeping loans secret from family, says Abbey Loans
New research has uncovered a high incidence of Britons taking out loans without their family and partners' knowledge.
According to statistics from Abbey Loans, up to 1.35 million of the personal loans taken out by the British public were done so in secret.
The principal reason for taking out the loan cited by those surveyed was that they were paying off existing debts - a factor in 56 per cent of the loans.
Meanwhile, almost 200,000 (15 per cent) said they had used the loan to fund improvements to their homes, while 90,000 (seven per cent) said they had sought the cash for medical reasons.
However, two per cent confessed that they had earmarked the money for expensive cosmetic surgery.
The majority of the loans were for £3,000 or less.
Abbey's findings prompted Paul Morrish, Director of Abbey Loans, to warn borrowers of the perils of clandestine borrowing and urged those concerned to be more open.
He said: "Borrowing in secret - especially large amounts - is not advisable and we would encourage people to be open and honest about their finances. Talking about your financial situation with others can help so that you can be realistic about what is affordable."
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