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Eight ways to spot a friend or family member is in debt

Several million people – up to 10% of the population – are reluctant to admit that they are having debt problems, according to the Money Advice Service.

As a result it is calling on friends and family members to do more to spot the tell-tale signs of money issues.
These include secretive behaviour, or a tendency always to be buying the latest “must-have” item.
There can also be physical and emotional symptoms that they are in trouble, the Money Advice Service said.

Signs to watch out for include:

  1. People have been in debt in the past
  2. They have recently had a life event, such as a new baby, being made redundant, or a divorce
  3. They are living beyond their means, and always buy new gadgets or clothes
  4. They are spending less time socialising with their friends
  5. They are starting to hide issues, and avoid talking about finances
  6. They have reduced – or increased – the amount they are spending
  7. They seem tired, or are having trouble sleeping
  8. They have put on weight, or lost it

 

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While personal debt has been falling over the last few years, borrowing has been increasing.
Incomes are also being squeezed. Since April inflation has been higher than the growth in wages.
In May the Consumer Prices Index (CPI) showed annual growth of 2.9%, while wages are currently increasing by 2.1% a year.

 

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