– Caroline Rookes, CEO of the Money Advice Service
Millions of people could escape their spiral of debt by accessing free advice.
However, this study presents us with a fundamental challenge: the majority of people with debt difficulties do not seek advice.
This is the first time we've had such a detailed understanding of the complexity of their lives. So now, armed with greater insights, we will work with advice agencies, creditors and public bodies to help as many people as possible access free, high-quality, debt advice.
Nearly nine million people are estimated to be trapped in a spiral of severe debt in the UK, the Government-backed body the Money Advice Service (MAS) has found. Just one in six getting help to break free.