Wednesday 18th of November 2009
The economic turbulence in recent months has not been enough to provide Britons with confidence about where to seek debt management advice, according to Credit Action.
Responding to last week’s report from the Resolution Foundation, the debt organisation suggests that many people are reluctant to discuss their finances.
Driving forces behind this reluctance include the expectation that they will feel shame or embarrassment when admitting that they are in difficulty.
However, Credit Action adds that seeking professional debt management advice at the earliest opportunity "is a big help in successfully managing debt problems".
Talking to family and friends can also help in some cases, the organisation adds.
Credit Action concludes, however, that a lack of awareness remains despite debt having become a "regular fixture" in the lives of many Britons.
The Resolution Foundation found that twice as many low-income earners now have a substantial monthly commitment to debt as was the case in 2005.
In 2005, 12 per cent were putting more than a quarter of their income towards debt repayments; now, however, the figure stands at 24 per cent.
By Mark Waterman
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