Individuals have revealed that they are in so much debt they don’t believe they will ever pay it off.
According to a new report by comparison site MoneySuperMarket, 57 per cent believe their debt will take three or more years to pay off.
The report found that 12 per cent of debtors believe they will never get on top of their debt and a further 7 per cent say they worry they won’t be able to have children as a result.
The study also tried to identify the impact debt was having on people’s mental health. Figures indicated that over half (55 per cent) of people in household arrears worry on a daily basis about how they will make ends meet.
Similarly, 52 per cent believe they have been poorly treated by those responsible for collecting the debt.
Although there are groups that can help such as; Citizen’s Advice, the National Debtline and charities such as StepChange, 41 per cent of people have never sought help for their debts.
Sally Francis-Miles, a spokesperson at MoneySuperMarket, said: “Some debts are entered into as part of a financial plan, such as a mortgage, but when an emergency situation leaves them unable to pay, many feel left without a choice and turn to high-cost options such as payday loans or expensive credit cards.”
“Money worries can cause extreme stress, and leave people feeling alone and desperate but there are many advice services available to help, including debt-help charities and the Money Advice Service.
“Seeking help and support can make all the difference if you or someone close to you is struggling with their financial situation – there’s always a way out of a debt spiral.”