People in Teesside struggling with debt urged to reach out for help
New research reveals 12 million people across the UK are living on the edge
People across Teesside struggling with debts are being urged by a government-backed body to seek support, with millions living "on the edge".
The Money and Pensions Service (MaPS) said research indicates that more than eight million people across the UK needed debt advice in 2023, with a further 12 million living on the edge.
It said many people do not seek help because they feel overwhelmed, embarrassed and worried about the consequences of speaking to a debt adviser.
It said some common myths shared by those who worry about getting debt advice is that they will lose control of their finances and that having a conversation with a debt adviser will affect their credit rating.
Coinciding with Talk Money Week (November 4 to 8), the service has made a new video to help tackle misconceptions about getting debt advice.
One of the advisers who took part said:
"When you contact a debt adviser, you can expect a supportive, non-judgmental environment. We handle your case confidentially and take the time to understand your financial situation and will work with you to find practical solutions that you might not have been aware of or hadn't considered before.
"If you're in a difficult financial situation, reach out, you're not alone. There is absolutely no shame in asking for help."
MaPS is an "arm's-length body", sponsored by the Department for Work and Pensions (DWP).
Anna Hall, corporate director of debt at MaPS, said:
"MaPS research shows that many people don't get the debt advice they need because they find the process overwhelming, fear the consequences or feel embarrassed.
"It's important that those affected by debt problems know that they aren't alone and there is non-judgmental advice and support available to them. If you're struggling, MoneyHelper will help you find free debt advice and you could join the thousands before you who've turned things around.
"Debt problems can have a corrosive effect on someone's relationships, self-confidence and mental health, and every expense can ratchet up the anxiety. Many people wish they'd acted faster, but no one ever says they got debt advice too soon."
People who are worried about their financial situation can use the MoneyHelper debt advice locator tool to access free advice, MaPS said.