About one in 20 Britons have considered taking out an IVA or declaring themselves bankrupt, new research finds.
The survey from Experian to mark Credit Awareness Week also found that nine per cent of consumers have taken out a credit card to pay off debt on another credit card, while ten per cent have missed payments on credit cards, store cards, loans or mortgage payments.
Meanwhile, many people find spending hard to control, with 26 per cent spending money to cheer themselves up and 14 per cent spending money to treat themselves after a stressful day at work.
Kamala Panday, publisher of Credit Today, said that it was important for individuals to understand credit agreements and financial terminology.
He said: "There are a lot of places that consumers can turn to for help and advice and
www.creditawarenessweek.co.uk is an excellent start to help people find their way through the financial jungle."
Financial charity Credit Action has reported that the UK currently has more than £1.3 trillion of unsecured debt.
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