The stigma surrounding indebtedness is beginning to dissipate, according to debt industry recruitment company Chase Credit.

Representing credit controllers, collections professionals, underwriters, credit risk analysts and managers, a poll of the company’s clients have shown that 84 per cent believe that debt is less of a taboo for consumers than it used to be.

Cited on MSN Money, the group’s findings also show that debt professionals feel that more people are turning to individual voluntary arrangements (IVAs) in order to avoid bankruptcy.

"Now that Britons are feeling the squeeze from inflation and the effects of the credit crunch, it comes as no surprise to me that more people are in trouble," said Chase Credit senior consultant Dan Curtis.

However, he urged consumers to think seriously about the effect that an IVA or bankruptcy claim would have on their future financial situation before pursuing such a course of action.

MSN Money has also advised customers who have found that they have missed a credit card payment to pay the bill as soon as possible.