Many people are risking being burdened with a
bad credit score in future by struggling to take control of their existing debt problems.
According to research from the Money Advice Trust, approximately 20 per cent of the UK's adult population - ten million people - are constantly having difficulty with handling their financial concerns.
Demand for help from debt advice providers is expected to rise substantially in the opening six months of this year after 1.54 million people sought assistance in 2011, up from 1.4 million in 2010.
Chief executive of the Money Advice Trust Joanna Elson explained last year was "tough" for many UK families and the situation is set to get worse.
"Day-to-day living will take up more and more of your money, which can make it hard to pay the bills," she remarked.
The study, conducted in partnership with the University of Nottingham, highlighted unemployment as one of the main reasons why debt advice demand is set to rise and David Rodger of the Debt Advice Foundation noted his organisation sees enquiries double every January as people struggle to cope after the expensive Christmas period.
Posted by Gemma Walker
