Over 7 million people in the UK avoid seeking debt help

December 23, 2013

The New Year is a traditional time for people to consider a new start and attempt to get their finances in order. To do this, people struggling with debt will often require professional advice and assistance.

However, according to a new report, although there are 8.8 million people in the UK struggling with debt problems, only 1.5 million choose to seek help or advice.

A study from the Money Advice Service (MAS) revealed that 48% of respondents were unable to afford basic items due to debt related issues. For families, which make up 65% of the 8.8 million debtors, this number increased to 54%.

According to the report, only 17% asked for help or advice on debt issues and 40% of respondents avoided asking for help because they did not feel comfortable enough to speak to their creditors about their debt.

MAS chief executive, Gillian Guy, said: “This study presents us with a fundamental challenge: the majority of people with debt difficulties do not seek advice.”

In Scotland, Glasgow and Inverclyde revealed the largest number of people in debt (29% and 30% respectively), although these figures were low in comparison with the rest of the UK.  Hull reported 43.1% of people struggling with debt, closely followed by Nottingham and Manchester where over 41% of people had debt problems.

Keith Dryburgh, policy manager at Citizens Advice Scotland, said: “It’s very worrying to see so many families struggling like this, but sadly it comes as no surprise to anyone in the Citizens Advice service. Debt is one of the most common issues we see. Over 1 in 4 cases we deal with now is related to debt. This means that every working day in Scotland, Citizens Advice sees 60 people with a debt problem.”

If your New Year’s resolution is to fix your finances, why not call Scotland Debt Solutions today? Our knowledgeable advisers are experts in debt solutions and will discuss the best course of action based on your individual situation. Contact Scotland Debt Solutions today and give your finances a fresh start for 2014.

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