The credit crunch onset seemed to happen almost overnight, which has left many Brits with no time to change their spending habits and get help to manage debt. Moneyfacts Darren Cook, head of Public Relations, said that the credit crunch has “knocked on the front door and actually affected the consumer”.

If the credit crunch happened at a much slower rate, they believe that many people would have financially reacted to the change in circumstances, meaning that many would be able to deal with their debt and not have to worry as much about financial issues being a top concern.

Cook added that “If that change had happened gradually in 12 to 24 months then people would have been able to adapt their household expenses. It’s gone from one extreme to another and it’s caught people out.”