Debt difficulties 'faced by 70% of Brits'

Over two-thirds - 70 per cent - of UK adults face debt difficulties, according to new research, so people who face such issues may be reassured they are hardly in an unusual position.

Furthermore, the study - conducted by the Co-operative Bank - found 29 per cent of Brits are not prepared to deal with their problems.

This is not necessarily a strenuous process, as an individual's financial standing can be resolved without having to stop spending completely.

Being in debt is likely to mean people have a bad credit rating and this can be resolved by being credit active.

Taking out a credit card and using it for day-to-day purchases such as food shopping can build credit history slowly, as it will prove to future lenders the individual is a reliable borrower capable of taking control of their finances.

It is possible to get a credit card for bad credit and in order to make this method is as effective as possible, setting a strict budget plan to ensure outgoings do not exceed income is highly recommended.

This will help with paying down the debt at the end of every month and paying bills on time is a vital consideration for people in this position.

Those who are concerned they will struggle to make a payment are advised to contact their lender as soon as possible in order to come up with an alternative payment plan.

Individuals should treat this as high priority and not delay taking action, with the Co-operative research indicating some people wait until they are at least an average of £1,247 in the red before they acknowledge they have difficulties.

Worryingly, one in eight attempt to resolve their circumstances through gambling, which has led to 22 per cent of respondents being in debt for five years or more.

Tags: credit their people possible taking being resolved payment operative individual