Many people who are experiencing debt problems are failing to speak to the organisations that have provided them with credit, new research suggests.
According to the
Association of Business Recovery Professionals (R3), 23 per cent of those who have debt concerns are avoiding conversing with their creditors.
Steven Law, president of the insolvency trade body, noted that people are unlikely to solve their problems by not taking action to deal with them.
He commented: "Unfortunately, avoiding the problem or going to the wrong source is likely to only increase the eventual likelihood of bankruptcy."
Meanwhile, of those covered by the R3 study, 30 per cent of consumers with debt worries are still not discussing their predicament with members of their family.
Consumers looking to avoid getting a
bad credit rating may also be worried to note uSwitch.com figures, which suggest that 18 million people are paying for their living costs by getting into debt.
Posted by Martin Peacock.
