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 Up to four million Britons fear that their credit ratings are damaged beyond repair after getting into financial difficulties.
Research by AXA reveals that around four million people claim to have been blacklisted, which could seriously affect their chances of buying a house.
In addition, homeowners who find themselves getting into such financial difficulties may be running the risk of having their homes repossessed as they struggle to keep up with mortgage payments.
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"Money worries are as much a social issue as they are a financial one. This is another example of how getting into financial difficulty can affect you and those around you if you rely on others for financial support," said Steve Folkard from AXA.
"The knock-on affects of having a poor credit rating can be endless, as it becomes increasingly difficult to access credit.
"Getting blacklisted is down to a number of factors but not paying your bills is a sure fire way to worsen your credit rating - being on top of your finances is a must," he continued.
High interest rates are one factor behind the rise in people finding themselves in financial difficulty.
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