A further 10% said they told no one giving reasons of ‘embarrassment’, ‘shame’ and ‘it’s quite difficult to acknowledge that you are an adult and unable to manage your finances’.

“Almost half had a debt problem because of redundancy, a pay freeze or reduced working hours, while others were left overindebted because of a relationship breakdown, illness or having children,” said CCCS external affairs director Delroy Corinaldi.

“This busts the myth that recklessness with credit is the main cause of debt problems. Rather, it is life itself, over which we often have no control.  Such people need sympathetic and practical support to guide them through this crisis so that it won’t scar them and their families for life.”

Only 6% of respondents said debt had no impact on their health and for those it did their sufferings included a nervous breakdown, loss of hair, palpitations and cessation of menstruation.

Dr Roger Henderson, who coined the term Money Sickness Syndrome in 2006 recently conducted a study into financial stress for AXA.  He outlined three main tactical approaches to dealing with financial stress: Avoiding, Altering or Accepting. Read More: Going Bankrupt Sickness Risk

“’Avoiding’ boils down to living within your means, saving for the future and avoiding risky job situations or investments,” he said.

“‘Altering’ means scaling back your lifestyle or finding a better-paid job, while ‘acceptance’ means trying to become comfortable with the fact that some financial stress is part of life, and that you are not alone in experiencing it.”

Advice on Bankruptcy: Advanced Debt Solutions Explained

If you are struggling with debt there are an increasing number of debt solutions available and include IVA (Individual Voluntary Arrangement), Debt Management Plans, Debt Relief Orders, as well as, filing for bankruptcy.