Over half of those in debt not seeking help

A poll from Nationwide Building Society has found that most of those struggling with debt manage it alone.

The lender commissioned the report to encourage people in problematic debt to ask for help earlier and they questioned over 2,000 UK adults.

Of those interviewed 29% felt stressed, 28% felt anxious, 20% felt depressed and 16% were embarrassed by their debt, with 36% of women reporting feelings of stress in comparison to just 22% of men.

Jasper Davy, Nationwide’s Head of Collections and Recoveries, said;

“Because people can be embarrassed and anxious, they view seeking professional help as a last resort only to be used in a crisis, but there’s lots of support widely available and we’d encourage anyone who is struggling to ask for help as early as possible.”

Among those who do seek help, 21% approached family and friends, with just 12% using a debt counselling service.

David Rodger, CEO of Debt Advice Foundation, said;

“Anyone who is struggling with their current finances should speak to a debt advice charity as soon as possible, before things become unmanageable.

“Seeking independent advice from a debt adviser can be incredibly liberating and is the first step towards a fresh financial start. All calls to our helpline are completely confidential.”