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Brits urged to not hide debt problems
A leading financial advice website has called on Brits to not ignore any debt problems they may have.
Think Money made the comment after research by insolvency body R3 revealed that around a million people are struggling without seeking help, while 500,000 have contacted creditors informally for advice.
It also suggested that over 120,000 personal insolvencies could take place in England and Wales in 2010.
Discussing the figures, a Think Money spokesman said: "It's essential that people struggling with debt do not try to hide or ignore the problem.
"This only gives the debt time to grow, and it may not be long before it becomes entirely unmanageable."
Recent research from Credit Action revealed that levels of personal debt in the UK reached £1.4 billion during December, while secured lending rose by £1.2 billion during the month.
Consumer credit lending also increased for the first time since June over the period analysed.