On top of this, a further 19% can’t face opening any bills they receive, while 21% said they didn’t know where to go to get debt help. Almost half (44%) admitted they thought they had to pay for debt advice.

Nearly 90% of those who were finding their debts difficult to manage thought that money management lessons should be taught in schools.

An IVA expert for the IVA Forum said: “Being in debt can be a stressful experience, but it’s important that anyone struggling with their debts doesn’t keep it to themselves.

“We would advise anyone in this situation to seek professional debt advice before their situation can get any worse.”

The findings paint a picture of rising borrowing levels and a sharp decline in savings amongst Brits, suggesting people are becoming more confident – but less cautious – when it comes to borrowing.

An IVA expert for the IVA Forum commented: “Before someone takes on a debt of any kind, it’s extremely important that they think carefully about how they’re going to repay it.”

The actual amount borrowed rose from £1.81bn during Q1 (the first quarter of the year) to £14.35bn by Q4. Throughout the entire year, borrowers took on a total of £28.2bn of debt through credit cards, loans, overdrafts and equity release.

An IVA expert for the IVA Forum commented: “The fact that the amount of debt taken on increased every quarter may suggest – for one thing – that lenders are becoming more confident about extending credit.

“We would advise anyone thinking of taking on debt to make sure they are able to afford their repayments (bearing in mind that anyone’s circumstances can change) before they do so.”

The total amount of debt secured on property increased by £1.586bn in February – slightly higher than in January, and higher than any of the monthly increases we saw in 2009.

Unsecured debt increased by £528m – around 50% higher than the increase seen during the month before, and much higher than any of the monthly increases seen last year.

An IVA expert for the IVA Forum commented: “The fact that personal debt increased in February may suggest that lenders are becoming more confident with their money now the UK economy is out of recession.

“It is important, though, that borrowers think carefully before taking on debt and consider whether they would be able to afford their repayments if their circumstances took a turn for the worse.”

The survey, which questioned 12-to-19-year-olds, found that teenagers expected to graduate with just £10,000 of debt after going through university.

Many of the teenagers questioned said that they had started to ‘think carefully’ about how they handled their money, with two thirds stating that the recession ‘has improved their money-management skills.’

Having said that, the teenagers expected to earn more than £50,000 a year by the time they are 35, and believe they will have enough money to buy a house by their mid-20s.

An IVA expert for the IVA Forum said: “It is encouraging to see that today’s teenage generation is optimistic about their financial futures, despite the troubled economic climate.

“However, although there is nothing wrong with taking an ambitious approach towards finance, it is important to remain realistic and consider the ‘what if’ situations. For example, what if they need to take on more debt while at university and end up graduating with double the debt they hoped to leave with?

“By considering these kinds of situations, individuals can better prepare themselves for them if they do come around.”

Of the shoppers who felt guilty, 48% did so because they should have been saving their money instead of spending it, while 32% said they have other expenses to cover, such as payments towards their mortgage debt or household/utility bills.

An IVA expert for the IVA Forum commented: “Everyone needs to do what they can to remain in control of their financial situation. Spending money that should be used to cover other (more important) costs can lead to serious financial problems, including unmanageable debt.

“We would recommend that anyone in this situation addresses the issue as soon as possible, before it has a lasting impact on their finances.”

The figures show that mortgage approvals for house purchases increased very slightly from 35,154 in January to 35,276 in February.

Meanwhile, the value of mortgages dropped from £5,040m in January to £4,935m in February.

The research found that the cost of student rent in Wales has increased by 18.5% over the past three years, leaving the average cost of rent per student in Wales at £79.40 per week.

Wes Streeting, President of the NUS, said: “Students are already graduating with tens of thousands of pounds of debt, and soaring accommodation costs will only make the situation worse. With graduate job prospects at an all-time low, things are looking very bleak for many students.”

An IVA expert for the IVA Forum commented: “Further to what Mr. Streeting has said, we would recommend that any student (or any borrower for that matter) who finds themselves in financial difficulties gets some debt advice as soon as possible.”

The findings showed that one in eight 35-44-year-olds has deliberately ‘over-inflated’ the amount they earn so lenders would allow them to borrow more.

Graham Lund, Managing Director of Callcredit, said: “These statistics are extremely alarming. A significant proportion of people aged 35-44,  many of who may have families to support, are living on a financial precipice, where just one negative event, such as a reduction in paid overtime or an unexpected expense, could have disastrous financial consequences.

“If the borrower is inflating their income significantly and then maxes out their high credit limit, they are running a serious risk of getting into financial difficulties and being unable to repay the debt.”

An IVA expert for the IVA Forum commented: “Deliberately ‘over-inflating’ the amount earned in order to borrow more can lead to serious financial problems.

“If, like the research suggests, their monthly income was to drop by up to £300, we could see a large number of borrowers who do over-inflate their income not just struggling with their mortgage, but struggling with their day-to-day costs too.”

The average credit card holder between the ages of 65 and 69 who unlocked money from their home during 2009 had credit card debts totalling £8,881. This figure rose to £9,048 among those over the age of 70.

Dean Mirfin, Business Development Director at Key Retirement Solutions commented: “Many [over-65s] are perfectly comfortable with owing money on their credit cards and it can be a sensible way of planning for major purchases.

“However, the over-65s are more at risk as once they retire they may no longer have the income to service the debt and in many cases to ever clear their credit card balance.”

An IVA expert for the IVA Forum added: “Carrying debt after retirement can be dangerous, particularly if the borrower doesn’t have much spare income to make sure they can service that debt.

“We would advise anyone in this situation to contact a professional debt adviser and discuss their circumstances.”