An increase in the amount of financial advice available to Britons could lead to a reduction in debt and an increase in levels of savings, it has been suggested.
The Association of Independent Financial Advisers (AIFA) has claimed access to professional advice could see a reduction in indebtedness of almost £30 billion across 24 million households.
Chris Cummings, director general of AIFA, said independent financial advisers are a trusted source of online advice.
"Whether planning for retirement, reviewing investments or cutting credit card debt, independent research shows that consumers are financially better off once they’ve been advised by a professional financial adviser," he claimed.
However, for some debtors, the AIFA’s calls for increased advice come too late as they are already struggling with high levels of problem debt.
There are many routes out of debt available to such people, including individual voluntary arrangements (IVAs).
Such agreements allow the debtor to retain their home and make affordable monthly repayments.
At the end of the set period, usually five years, any remaining debt is written off, setting the borrower debt-free.