A NORTH-EAST finance expert says people with money worries should seek help early from a qualified source in order to avoid a New Year hangover.

More than a third of people in the North-East and Yorkshire say they are worried about the amount they owe, according to a survey by R3, the trade body for insolvency professionals.

Its regional chairman Neil Harrold said there was no quick fix for financial problems which would only get worse if ignored.

He said much professional advice was free and included an initial consultation with a licensed insolvency practitioner, the National Debtline, Citizens Advice Bureau, or Insolvency Service Helpline.

R3 advises prioritising outstanding debt with the highest interest charges and also warns against using a credit card or ‘payday’ loan to plug gaps in finances.

It also said those with money worries should spend sensibly and avoid temptations from retailers desperate for cash or credit card payments.

Credit card repayments, followed by mortgage repayments, overdrafts and bank loans, top the list of concerns.

Mr Harrold said forecasts of a potential rise in inflation could well mean more financial issues arising for some in 2017.

He said: "The debt picture across the region has actually continued to improve over the last year, but the North-East still has the highest rate of personal insolvency and the first months of any New Year are often the time when overspending catches up with people.

“There are a number of measures that people facing debt problems can take, but they need to be prepared to face up to their situation and take swift, decisive action.”