People with high levels of debt are seeking out financial advice and are seeing benefits from doing so, according to our survey commissioned by the Money Advice Service, an independent organisation that provides free, unbiased money advice across the UK.
Getting advice works
The results of the survey show that a majority of people (58%) who had unmanageable debt took advice. For them, it has a positive effect and helps break the debt cycle:
- Individuals with unmanageable debt who have sought debt advice are almost twice as likely to have their debt become manageable within 12 months compared to those who have not sought advice.
- These people are more likely to remain out of debt in the future than those who reported their debts were manageable and didn’t take advice.
- Even people who consider their debts to be manageable see a greater reduction in their levels of debt if they seek advice.