More than four in ten people struggling with debt wait over a year before seeking help, according to research from StepChange Debt Charity and PRA Group.
The study of more than 1,600 debt management plan client, found that 43% worried about their finances for more than a year before seeking advice. Embarrassment was the most common reason for delaying support, with nearly one in five clients saying it prevented them from getting help. A further 10% feared being judged, while 10% were unaware debt help was available.
The research shows people often spend months or years juggling credit cards, overdrafts and borrowing from friends and family. Many reported using credit to repay credit while trying to maintain the…