Jeremy Browne, the MP for Taunton, has urged consumers who are facing serious debt management problems to seek help from personal finance professionals.
Mr Browne has suggested that many people could be making their debt issues worse by refusing to face up to the reality of their financial situation and to take steps to improve it.
He also claimed that individual debt management issues can have an impact on the health of small businesses and ultimately the local economy of certain areas of the country, the Somerset County Gazette reports.
“There is a growing debt problem in Britain which will cause difficulties for many local businesses and individuals,” Mr Browne is quoted as saying.
“When debts get out of hand many people either panic or try to ignore the issue,” he added.
Figures released by MoneyExpert.co.uk recently indicated that millions of UK consumers added to their debt levels over the course of the past three months.