New research has shown that families in the UK are still facing financial difficulties and not seeking professional help soon enough.
A report from the National Debtline said that around 43% of individuals in debt had not sought help as they were too stressed and embarrassed about the debt.
It seems that people are taking out too much credit and then struggling to make the repayments, job losses and ill health are contributing factors to having difficulty paying it back. Worryingly the National Debtline say they are seeing an increase in tenants struggling to pay rent, utility bills and council tax.
StepChange, a debt charity says that for four out of five people, once they have sought professional advice and faced up to their problems, feel the benefit healthwise, after just 3 months.
The finance industry accepts it should do more and is looking into ways in which it can provide easily accessible and understandable guidance.
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