Cash-strapped Brits who are in debt should seek advice about how to manage repayments instead of keeping it bottled up, according to a debt help website.
Talkaboutdebt.co.uk has urged consumers to get the right advice about their debt problems as quickly as possible, without paying large sums of money.
The report comes after figures published by talkaboutdebt.co.uk revealed that serious debt repayments could be delayed if people are ashamed to admit their problem. Around 15 per cent of people still have not talked to anyone about their financial struggles.
But a spokesperson for talkaboutdebt.co.uk said that Brits who are struggling to get credit can manage their credit card debt and other loans by seeking advice about them.
Jessica Bown, spokesperson for talkaboutdebt.co.uk, said: "It's essential that people get the right advice for their needs as quickly as possible, without paying through the nose for it."
The latest statistics by the Insolvency Service reveal that there were 4,716 compulsory liquidations and creditors' voluntary liquidations in total in England and Wales in the third quarter of 2009. This was a decrease of 4.7 per cent on the previous quarter.
