According to new figures released by the Money Advise Service (MAS), over 8.8 million people in the UK are in serious debt problems and only 17% of those in debt have actually sought advice.
The report summarised how over 50% of those struggling with debt had difficulty paying their bills and nearly half (48%) admitted that their debts prevented them from buying necessities for the home, for those with children this increased to 54%. Of the 8.8 million in serious debt problems, 65% were families and 21% did not even realise they were in severe financial difficulty.
The survey also brought to light that the biggest issue was individuals not seeking advice for how to handle debt related issues; 83% had not sought advice on how to handle debt in any form. Analysts discovered that most people do not feel they can talk to anyone about debts, with them lacking the skills and confidence to discuss it with a professional.
The north of England and Northern Ireland were the worst hit areas, with over 40% of the total adult population having serious debt problems in; Nottingham (41.2%), Manchester (41.1%) and Liverpool (40.6%). Caroline Rooks, Chief Executive of MAS, continued to state that individuals need to start accessing the free advice available to them; debt advice can transform lives and the sooner people access the better.
McAlister & Co are proud to offer free initial advice for anyone suffering with spiralling debts; our team will always offer confidential and professional advice, no matter the situation. If you or anyone you know needs help, contact us.