Statistics released by Debt Advisory Centre show that overall 1 in 5 people (20 per cent) diagnose themselves as “having a debt problem”. A third say that they worry about it all the time (32 per cent) and almost 2 in 5 people (39 per cent) say that worry about their debts most of the time.

Just 5 per cent of people with debts say that they don’t worry about it.

The research also highlighted the toll that debt takes on people’s lives. Over half (58 per cent) of the 800,000 people who say they have a debt problem say that their mental wellbeing has suffered as a result.

Other negative impacts reported include:

Melanie Taylor of Debt Advisory Centre said: “There are many different figures for the number of over-indebted people. We took the simple approach of asking people if they thought they had a problem with debt – and we were shocked to find 1 in 5 Scots say that they do.

“Debt isn’t just a financial crisis – it impacts almost every part of people’s lives, from their health to their relationships.

“The best way to deal with debt is to talk about it – debt advisors won’t judge you but they can help find a solution. Customers tell us that they feel better after just one conversation with an advisor.

“Similarly too many people keep their debt worries hidden from their family, they are often afraid that they’ll think less of them because they’ve got into financial difficulty. In our experience the opposite is true – loved ones are supportive and help ease the emotional burden of living with debt.”