Do you keep your debt a secret?

KirstyO

I don't go out of my way to talk about my debt to people, but if we are talking about money I use my experience to help others if they need it or act as a cautionary tale if they need that.


Surprisingly, once I started opening up about it, others have got into really deep conversations with me and have been really interested particularly in how my DMP works and which charity I used.


I don't know if this is because they are in debt themselves and need help, or whether they are just trying to be interested to be nice.


Either way, I don't keep it a secret. I just don't shout about it either

Puddylove

I have debts, of around £9k at the moment although I also have savings so could pay some off if I wanted.
I'm lucky though, in that my debt has always been affordable, so I don't have arrears, bad credit etc.
So I'm not too worried if my immediate family, OH etc know I'm budgeting to get rid of it.
P x

FatVonD

I don't talk actual amounts with people but I might mention trying to pay off my credit card/overdraft etc.

The exception to this has always been my parents because I didn't want to worry them but I have recently told my mum I have debts but halved the amount when she asked

My inlaws know exactly after they tried to suggest I help out with DH's debts (we keep our finances separate) and I pointed out that if I was paying off anyone's debt it would be my own and not his.

YoungBusinessman

I keep it too myself, whats the point in telling anyone? Myself and my gf know and thats it.

fromtheshires

FatVonD wrote: »

My inlaws know exactly after they tried to suggest I help out with DH's debts (we keep our finances separate) and I pointed out that if I was paying off anyone's debt it would be my own and not his.

Bit rude of them. If they were that concerned they should be offering to pay off his debts, not suggesting that you do.

My partner and I keep our finances separate and I have a surplus of over £15k. They have a minus of pretty much that amount in loans and credit cards. If the debt was joint then it gets paid off by both of us equally (we don't have any joint debt as I refuse to have credit apart from my mortgage and car which is 0% anyway) but singular debt should be paid off by the individual responsible.

Some people may not agree with how we have it but it works for us and it wasn't me who insisted singular finances.

To keep on topic though:- I will discuss money with people all day at work or wherever. In fact, in our office of 7, I am they guy who they come to for advice on getting better deals on cards / loans etc. They they all know I don't have any debts apart from my car (0% was the only reason) and mortgage and that I balance my books all day but I don't ever tell hem how much I have

longforgotten

I had a friend who passed away recently leaving horrendous debts. It explains why he was so depressed. He told no one.


No will, leaving the family to sort out the mess.


Anyone with debt please share your worries with someone, don't keep it to yourself.

Pepperoni

Keep it to ourselves. I guess out of embarrassment - our outstanding debt now is a holiday that we obviously couldn't afford, hence it being debt.

Previously it was this debt plus another 8K which was for a car loan - I was less secretive about this as wasn't embarrassed by it.

Ellieseleven

My OH and my 2 daughters know about our debt but no one else. I haven't told my parents as they are elderly and would worry and want to pay it off for us which we don't want.

Ellie x

PinkPoppies

We keep it to ourselves for no other reason than it's no one elses business.

Can't say it ever really crops up in conversation though.

I honestly think I am more proud of our debt-busting efforts than I am embarrassed about our debts. Agree with those above who have suggested that there are probably more people out there with similar issues than meets the eye

Strange as it sounds, in some ways I am quite glad we have found ourselves in uncomfortable levels of debt- as we have learned SO much about managing money as a result. I am confident that we will face a MUCH brighter and more secure financial future having been forced to seriously get to grips with our spending and budgeting

MrWillyWonka

PinkPoppies wrote: »

Strange as it sounds, in some ways I am quite glad we have found ourselves in uncomfortable levels of debt- as we have learned SO much about managing money as a result. I am confident that we will face a MUCH brighter and more secure financial future having been forced to seriously get to grips with our spending and budgeting

You know, that is exactly what I've always thought so you are not the only one. A blessing in disguise!