Early action 'essential' for people in debt

People should be seeking help with debt problems as quickly as possible, according to one finance expert.

Jessica Bown, of Talk About Debt, said it is "essential" for people to get the right advice for their needs at an early stage, as owing money can have a serious impact on people's health and wellbeing.

She said that a major challenge for people to overcome is the social stigma attached to being in debt.

"Many people are ashamed to admit to friends and family that they have a problem, but this just delays the repayment process and means they feel they have nowhere to turn," Ms Bown added.

In addition, 29 per cent of people who owe money have taken time off work because of the stress of coping with their debts, she said.

Last week, Rachel Ronson told lovemoney.com that free debt advice is sensible for consumers struggling to pay off their credit card bills.

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2009-11-09 13:38:47 © Moneyextra.com