Halifax have stated that consumers should contact their banks and building societies as soon as they begin to experience debt problems and not let their problems grow.
With the cost of living growing and more people spending on credit cards to keep up with bills, more households are having to cope with serious debt.
Gareth Mackie from the Halifax commented, "The advice is to keep on top of bills first of all because they're the important things to pay."
He added, "It's not in anyone's interest for people to get into financial difficulty so don't leave it until things are in a precarious situation."