People urged to discuss debt problems

The Cheshire-based company, which specialises in helping people in the UK to get out of debt, believes this will encourage more people to get help.

A spokesman said: "We're not saying everyone should stand on the street and shout about their finances. But there is still a rather old fashioned stigma around debt and, in particular, bankruptcy. This in turn makes people feel embarrassed about their financial problems. We then find that some people are reluctant, through shame or embarrassment, to seek help and even lie about the extent of their money worries to loved ones.

"This can be very isolating and distressing for the individual concerned and could have dire financial and personal consequences." A survey carried out in 2009 by Sainsbury's Finance seems to confirm that people hide their debts from those closest to them, revealing that 18.5 per cent of those questioned admitted to hiding some form of debt from a spouse or partner.

MoneySolve's debt experts advise that this can actually worsen their financial situation.

"Ignoring a debt problem or trying to hide its very existence can actually worsen the situation," said the company.

"MoneySolve encourages more openness when discussing this topic and other financial matters in general."

The company added: "Perhaps we can remove the taboo element of debt and make those struggling with their finances feel more comfortable in seeking assistance and hopefully feel supported in their efforts to resolve their problems."