The latest figures from the Citizens Advice charity show that its bureaux now deal with more than 6,600 debt-related queries every day across England and Wales.
Debt management problems are have become the most common reason for UK consumers to visit their local Citizens Advice Bureaux (CAB) and the number of people approaching the organisation for financial help has doubled during the past decade.
Credit consumers are now approaching Citizens Advice about debt in record numbers and the amount of people visiting a CAB for debt advice has increased by 20 per cent over the past 12 months.
Citizens Advice chief executive David Harker said: “These figures are worrying evidence that while many have enjoyed the benefits of the credit boom, a large and growing number of people continues to pay the price, becoming overwhelmed by serious debt that can have a devastating impact on their lives.”
Figures released recently by Grant Thornton showed that the UK’s personal debts are now worth more than the country’s annual gross domestic product.