Millions of people are concerned that they will not be able to repay their debts as the rapidly rising cost of living takes its toll.

According to MoneyExpert.com, recent research found that 38% of people with debts are concerned about repaying the money they owe, compared with 33% in the last quarter. With the cost of living rising dramatically, particularly food and energy prices, MoneyExpert.com says even more people with debts have also opted to increase the amount of money they have borrowed over the past three months. 32%, or 11.06 million people said they have increased their debt, compared to 27% in the previous quarter.

"There are many economic and political measures of a downturn, but there is nothing quite as real as people in debt saying they can't repay the money they owe,” says Sean Gardner, Director of MoneyExpert.com. "With close to 40% of those who owe money worried about their ability to stay on top of their debts, these latest figures add up to a collective cry for help as Britain's enormous debt mountain looms larger than ever."

But the company stresses, if you think your debts are spiralling out of control, it is vital to take immediate action. "Anyone with genuine concerns about paying the bills needs to take action to avoid finding themselves in even more difficulty," warns Sean Gardner. "There are many ways to get your finances under control, from debt consolidation to just juggling your borrowing onto cheaper products. But the important thing is to work out a repayment plan and not bury your head in the sand."