Despite such findings, 37 per cent of people say they will not commit to lifestyle changes which could lift them out of the red and into the black, the survey by Moneyextra.com revealed.
However, Chris Radford, chief executive officer (CEO) of aap - the UK's biggest buyer of endowment policies - said some of its customers had sold an unwanted endowment policy in order to make headway into clearing debt.
The study by Moneyextra.com also found that while downsizing a home could help people stay on top of their finances, many individuals are reluctant to take this measure.
Almost two-thirds of respondents feel that they are judged on the size and value of their home, while 66 per cent of people even admit they care what their neighbours think.
Furthermore, while 40 per cent of individuals living in the north-most parts of England think downsizing to pay off debt is a sign of failure, this increases to 55 per cent for residents in London, the poll discovered.
Commenting on the findings, Richard Mason, of Moneyextra.com, said: "It's absurd that struggling homeowners aren't prepared to downsize simply to save face - these people need a wake up call!
"Surely it's better to downsize on your own terms than face repossession and risk losing everything."
Indeed, the Council of Mortgage Lenders has advised homeowners to talk to their lenders as soon as possible if they are concerned that debt could impact on their ability to meet mortgage repayments.
Although downsizing is an option some people will take, many Britons may decide to look at other avenues to go down, in order to meet their debt management commitments.
Rather than selling a home to raise cash to pay off debt, many homeowners could prefer to take a different option.
Britons who have already considered surrendering their unwanted endowment policies in order to meet debt management needs may not realise that selling their endowment is another route.
Chris Radford, CEO of aap, said many of its customers had sold their underperforming endowments in order to clear debt, without needing to dip into savings or other investments.
He added that should aap decide to make an offer to buy an endowment, it will always pay more than the surrender value offered by the insurance company.
