Consumers would leave it up to three years or more before seeking professional help if they were in debt, new research has revealed.
A survey of 1,000 UK adults, carried out by Creditfix, the UK’s largest personal insolvency practice, found that 59% of consumers would wait over two years before asking for help, while almost half (48%) would wait for more than three years before reaching out for professional advice.
An overwhelming number of consumers (72%) said they would be uncomfortable discussing
Almost 1 in 3 (31%) said they would be too embarrassed to talk to anyone at all about their financial problems, including friends and family.
According to the data, those aged 18-34 proved far more uncomfortable discussing debt, what they earn, and how they spend their money than those age 35 and over.
Women are least likely to discuss money woes with a professional (79%), in contrast to 65% of men.
58% claimed that if they were in debt they would try to pay off the money themselves so wouldn’t need to involve their loved ones or seek professional help.
Taylor Flynn, marketing manager at Creditfix said “The research just shows how common it is for Britons to be reluctant to seek help with debt. There are various reasons for this – a worrying number of
“What people might not realise, is that debt issues can be solved by seeking help and advice at the earliest opportunity, and can prevent embarrassment or further stress. By taking control of debt and creating a plan to tackle the problem, it will make it easier for those in financial difficulty to discuss it with their friends and family.”
Residents in coastal city Hull are will leave it the longest before getting professional help, followed by Liverpool locals.
Survey main findings:
- More than half (55%) of consumers claim that if they were in debt they would try to pay off the money owed themselves
- Almost half consumers (48%) would wait for more than three years before seeking professional help if they were in considerable debt