The consumer service advises people to try to keep their finances under control with careful monitoring as much as possible.

Cancelling unused credit facilities, contacting lenders if you foresee problems with repayments and keeping a close eye on your credit report are all important aspects of keeping your debts in check.

The most important thing, according to MyCallcredit director Alison Nicholson, is not to get snowed under with it all and start ignoring red letters.

“Debt is a taboo subject in the UK and lots of people are embarrassed to say they have a problem,” she said. “It doesn’t go away by itself and the only way to improve the situation is to take action.”

A Financial Services Authority study in March 2006 suggested that up to three million people in the UK say it is a constant struggle to keep up with their credit commitments.

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