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How is family affected by debt?

Being in debt doesn’t just affect the person who owes the money. Often, the emotional impact and stress from debt, redundancies or divorces can put strain on the people closest to you, which is one of the reasons many people try to keep their debts secret. Sometimes a debt owed by one person becomes a family debt due to parents or siblings wanting to help pay off what the family member owes, whilst a joint debt can include more than one family member being directly named as owing the debt. You can find out more about family debt management by clicking the links below.

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