ONE in four people are hiding debts from their friends or family, a survey showed today.

Around 24% of people admitted they had credit card, overdraft or loan debts that they did not disclose, with the average person owing £4,096 through secret borrowing, according to insurer Axa.

A third of people said they hid their debt because they were embarrassed about it, while 23% said they worried about how their friends or family would react.

One in five people said they hid their debt because it had got out of control, and 14% admitted they did not realise how much debt they had. Women are slightly more likely to hide their debts than men, but men owe just over £500 more than women, at an average of £4,273.

Four out of 10 people said they also lied about the state of their finances, with money the third most likely thing that people lie about, after the number of sexual partners they have had and how much they have spent on something.

An Axa spokeswoman said: “The important thing is for people to take control of their finances and get the help and the support they need. The first step of which is taking stock of their debt and sharing this with the people in their lives.”