Proactive approach best for those in debt

People should make credit payments on time, but as soon as this becomes unfeasible action should be taken.

James Jones, consumer affairs manager at Experian, commented: “If you struggle to repay your debt, or if you circumstances change, you should speak to your creditors.

“They will try to help and often if you are proactive, you can avoid getting into more difficulty further down the line.”

Mr Jones also urged people to heed the “long-lasting effects of the bankruptcy route”, pointing out that other options are available, with an individual voluntary arrangement (IVA) being one of these.

“We urge people who are considering the bankruptcy option to seek advice,” he said.