People told to get debt advice sooner

Consumers struggling with their finances or expecting problems of this nature to arise should seek help as soon as possible, according to one expert.

Spokesperson Beccy Wilks of the Money Advice Trust suggested it is important for people to obtain professional advice quickly when it comes to debt matters and to ensure they are aware of all the options available.

“If you are worried you might be getting into difficulty Ö or are anticipating problems coming up, it is vital you get help earlier rather than later,” she remarked.

Ms Wilks indicated that one important thing to ask the experts is what effect the different methods of handling debt, such as management plans and individual voluntary arrangements, are going to have.

At the end of June, the average UK household owed £9,240 in debt excluding mortgages, according to Credit Action.

Including mortgages, the average individual owed £30,460, which is 133 per cent of mean annual earnings.

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