Concern over debt affects millions of people across the country, and yet very few seek debt advice, research has found.
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Research into peopleís debt concerns was carried out by R3 ñ the Association of Business Recovery Professionals.
It found that as many as 18 million people in the UK have debt concerns of some form, as rising living costs put a squeeze on peopleís finances.
But worryingly, the research found that only 1.4 million Brits intend to seek some kind of debt advice in the next six months.
This is the equivalent of just 3% of the population, while it was found that just 6% of people have sought debt advice in the past.
ìThis snapshot uncovers the huge unwillingness to take debt advice,î said Frances Coulson, President of R3.
ìWhile at the other end of the balance sheet, if you had a sum of money to invest, you wouldn’t think twice about taking advice first – and what is more, in that event, the advice would be regulated and with an obligation to give ëbest adviceí.î
The research by R3 also revealed the reason that people are unwilling to seek debt advice. The most common reason was a lack of knowledge, with one in four people unsure of where to go for good, impartial advice.
ìThis is frustrating as we know the experience of those who seek proper advice is invariably positive,î added Mr Coulson.
ìWhile there is some confusion about where to seek clear advice for about a quarter of the population, there seems to be a ëhead in the sand’ approach or maybe it is the stigma of bankruptcy.î
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