Debt Awareness Week: Two-thirds of consumers wait over a year to face up to their debts

23rd March 2021

Two-thirds (66%) of consumers wait over a year to do something about their debts according to new research from debt advice specialist PayPlan.

The report also shows that 73% feel embarrassed to reach out for debt support and A third of people put off help as they don’t want their friends or family to find out

PayPlan, have shared new survey results and advice to encourage millions of financially hit consumers to take action over the ie finances as part of Debt Awareness Week.

The company surveyed over 2,500 people and discovered that far too many people put off dealing with their debts quickly – 66% wait over a year to do anything at all, which leads to growing debt levels and bigger problems down the line. Also, a third of people admitted they didn’t act sooner because they didn’t want their friends or family to find out about their debts.

Survey findings from PayPlan also found that 57% were worried they’d realise the extent of their problem was worse than first feared and over half of people were worried about the affordability of a debt plan. 

PayPlan’s Expert Debt Adviser, Jane Clack, said “If you are in debt then the first thing you need to know is that help is available. Far too many people are sitting on their debts and making the problem worse, so my advice is to be brave and seek free advice as soon as possible – one chat could turn your life around.”

“I understand that people may be worried about asking for help, but this is the best way to finding out how you can pay off your debts as quickly as possible. People regularly tell me the sense of relief they feel after getting help and this is because they are given a way out from their problems.”

“You shouldn’t pay for debt advice, so make sure you approach an advice company that is reputable and that can communicate with you in a way that makes you feel safe.”