According to Experian, its survey revealed that people are failing to take action to improve their credit rating because they do not know their score.

Jim Hodgkins, managing director of CreditExpert, said: “Credit scores change as your credit history changes – and you can’t estimate your current position unless you know your credit history.

“It’s in your interest to check all the details of your credit report and find out how to improve your credit score so that you get the best value for money when you take out a loan.”

His comments come as research also showed that every British person owed an average of £23,000 due to rising debt levels.

While people seem happy to take on more debt, many could be paying too much interest for loans because they may have a blip on their credit record that they could alter.

Repaying debt, checking for mistakes on the credit record, or even registering to vote can all help people get the best rate for loans, added CreditExpert.

According to the Institute for Public Policy Research (ippr), adults aged between 35 and 49 who had financial education at school better managed their debts and were £32,000 richer than their peers.

“It pays to get clued up,” said ippr senior research fellow Miranda Lewis. “Lessons that teach young people the basics of personal finance, like how to calculate interest, household budgeting and understanding mortgages, can help them make the right financial decisions later in life and avoid debt problems.”

Evidence for the financial benefits comes from the US where children are often taught basic financial skills about budgeting and debt.

Couples with two young children were found to be the best off for receiving education but both childless couples and singletons were found to benefit from good monetary knowledge.

Last year it was announced that GCSE maths will contain financial education to help the next generation.

Charity workers said that talking about the problem can lead to solutions and stop people from taking drastic measures, including suicide.

“Debt is often cited as the reason for suicide, but there are usually deeper issues involved,” a spokeswoman from the charity told website This is Money.

“However, credit and financial worries can lead to isolation from the person’s family and friends, which can increase the chances of somebody taking their own life.”

She was commenting after the recent cases of Graham Painter and Robert McKinnie who both hanged themselves after acquiring large debt.

Yet advice is freely available which can provide a solution for debts large and small and people are encouraged by experts to take this out to help them cope with problems.

Worst age overall for debt is 53 – 59, the Consumer Credit Counselling Service (CCCS) said, with one debtor owing a total of £412,000 over 57 credit cards.

Out of the CCCS’ 155,000 clients, the over-50s came out as the worst for debt and the average amount owed by people who seek it for help is now £12,422 over three cards.

This is 50 per cent increase in just three years and the CCCS added that credit card debt was now the most common unsecured debt problem it had to deal with.

Even with credit card spending slowing on average, the over-60s managed to drive their balances up by a third between 2004 and 2005.

News of debt among the older generations follows research from the Prudential last month which showed that over a million pensioners have debts at an average of £15,500 each.

With Britons’ total personal debt rising to £1.2 trillion, the Debt Counsellors urged people to take professional advice before it becomes too late.

Commenting on Britain’s debt levels, John Porter of the counselling firm, said: “These latest figures show the problem of personal debt is getting much worse and there are millions of people in the UK who need professional debt help to tackle their financial difficulties.”

His urgings come amid a background of a stable economy yet average household debt is nearly £50,000, meaning that a change in the economy could plunge many homes into serious financial difficulties.

Mr Potter said that with average debt growing by £200 in just one month, there were “many people” who would benefit from debt advice.

With free advice available, Mr Potter urged consumers to take debt advice “immediately” to give themselves peace of mind and to “safeguard their financial future”.