More than ten million adults in Britain accept their current borrowing level is unmanageable or worse

More than ten million adults in Britain accept their current borrowing level is unmanageable or worse, a recent uSwitch survey found.

The study, by the online comparison site, revealed that just over one in four people said their current level of borrowing borders on the unmanageable or is no longer manageable.

Chiltern’s Joanne Gill says: “If people believe they can’t manage their credit they need to get a grip on their situation before it gets worse, the best way to do this is to work out what is coming into the household each month and what is going out on essential expenditure.

“What is left, after the essential expenditure, is what’s available to pay creditors, if it isn’t enough the person is effectively insolvent and should seek help from a debt solutions provider.”

Ann Robinson, director of consumer policy at uSwitch.com says: “The recent tightening of the credit market will make the situation worse for many families.

“The credit crunch will claim casualties – it will be enough to tip some over-indebted households over the edge,” she says.

Chiltern provides a range of debt solutions for people who can no longer afford to pay their unsecured debts.