New research suggests that millions of borrowers are missing out on the support available to them. A study led by the FCA and MoneyHelper has revealed a multitude of reasons that consumers are not reaching out in times of struggle.
The main reasons included feeling ashamed and a fear of a negative effect on their credit file. However, of those who sought help, 79% would recommend debt advice and 70% said the support had been more helpful than they had anticipated.
Consumers struggling financially because of the rising cost of living are urged to get help as soon as possible. The FCA and MoneyHelper have published top tips for those who find themselves in financial difficulty: https://www.fca.org.uk/news/press-releases/consumers-struggling-rising-prices-urged-seek-help