Although debt concern now affects over 18 million UK adults, only 1.4 million individuals intend to seek debt advice in the next six months, according to R3’s Personal Debt Snapshot.
The snapshot also reveals that only 6% of the British population has ever sought debt advice in the past. R3’s President, Frances Coulson commented:
“This snapshot uncovers the huge unwillingness to take debt advice – while 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 ‘best advice’.
This is frustrating as we know the experience of those who seek proper advice is invariably positive. While there is some confusion about where to seek clear advice for about a quarter of the population, there seems to be a ‘head in the sand’ approach or maybe it is the stigma of bankruptcy.”
The snapshot indicates that 25% do not think it is clear where to go for good, impartial debt advice, yet 41% of those who had taken debt advice wish they had done so sooner.
Source: R3 – the trade body for Insolvency Professionals – Press Release 2 March 2012