More families seeking financial counselling
An increasing number of families are seeking counselling as the "debt noose" begins to tighten, mirror.co.uk reports.
As more families begin paying £200 a month in interest alone on their debts, many are seeking help from professionals with a diploma in counselling.
London and the North West has seen the highest demand for counselling, whilst Yorkshire and Wales have witnessed some of the fastest rises.
Those between the ages of 45 and 59 have been outlined as the most likely to seek help, with failing businesses thought to be the reason for their debt woes. As failing businesses still have to pay £700 to declare themselves bankrupt, many are thought to be left with no way out.
The report, compiled by the Consumer Credit Counselling Service (CCCS), claims that the "lasting distress caused by the financial crisis" could well see more people seek counselling, with the numbers expected continue to rise until 2014.
"There has been a gradual rise in counselling demand for this group [45 to 59-year old], with its share rising from 22.8 per cent in 2005 to 31.7 per cent by 2011," the report, printed on yorkshirepost.co.uk suggests.
"Interest payments are a heavy burden on household finances. With payment necessary regardless of economic circumstances, they pose a major threat to the solvency of many families."