Nearly one in three people in the UK are struggling with debt, new research has discovered.

A poll by MoneyExpert.com found that 30% of people are worried about their ability to stay on top of loan, credit card, and mortgage repayments.

The study also found that more than one in eight people have asked for advice on debt consolidation, debt management plans and IVAs (individual voluntary arrangements) because they are struggling to make repayments.

However, many people - even those worst affected by debt - are reluctant to ask for help.

Over half of those who confessed to being very concerned about their debts have yet to seek advice.

Moneyexpert.com director Sean Gardner said debt is a ‘ticking timebomb’ that is liable to explode in the UK economy any time this year.

He added that everyone who is concerned about their debts to ask for help and advice as soon as possible.

Research by credit action recently found that personal debt in the UK rose by £1 million every ten minutes during 2008.

If you are one of those people in this situation, struggling to manage your finances, please give us a call now at Debt Rescue Now on 08450 580 999 and speak to one of our experienced debt advisers.

Posted 10/05/2009 10:28:51