British borrowers have been urged to check their credit reports on a regular basis in order to avoid any unnecessary debt problems.

Research by Moneysupermarket.com has suggested despite the scale of money problems in the UK, only around half of all consumer have checked their credit report and 13 per cent do not know how to do so.

In fact, only one in six people plan to check their credit report this year and doing so is little more of a priority in the UK than horoscope readings, according to the price comparison firm.

Carrying out a credit report check can lead to the identification of outstanding debts that might have been causing lenders to offer loan deals at unnecessarily high rates, Moneysupermarket.com has explained.

"An error on your report could typically lead to mortgages being rejected, or you being offered a product but at a much higher interest rate," said the company’s head of debt Tim Moss.

Meanwhile, a report from Mintel has suggested that debt management and money problems have seen more and more British households reign in their spending in recent weeks.