Debt Awareness Week is an annual campaign that aims to encourage people to speak up and seek advice quickly to ensure their debt problems don’t spiral out of control. With the rise in the cost of living and the impacts of the pandemic still looming, people struggling with finances is on the rise and is only going to increase.
Money worries are not just a financial problem they can cause relationships problems, people lose homes and families to break down. People from all walks of life can end up in debt for many different reasons, divorce, redundancy, ill health, bereavement. It’s not always easy to talk about money worries but if you’re struggling financially it’s important to take action and this debt awareness week is an ideal time to do this.
Understanding your debts and how much you’re paying back is important. No debt problems are unsolvable and the earlier you deal with them the easier they are to deal with.
Be aware of how you spend your money. Stick to the golden rule of borrowing: don’t go into debt for something that will last for less time than the amount borrowed takes to pay back.
Recognising the signs of problem debt
• I find myself using my credit card for essential purchases, like food and bills and the card balance is not cleared at the end of the month.
• I’m constantly worried about managing my money
• I’m behind on my mortgage and can’t catch back up
• I am struggling to manage even the minimum payments on my credit card
• I’m being contacted about unpaid bills or missed payments
• I’m relying on quick-fix short-term loans
• I’m borrowing from friends or family
The above could apply to you. It’s also important to recognise the signs in friends and family who may need professional debt help.
Impact of debt on your mental health
Worrying about money can negatively affect your mental health and for those people experiencing mental health problems it makes it harder to manage their finances.
Talking about Debt and Money Worries
It’s important to start talking about money worries before your situation gets worse. Talking about money will give you the confidence to get help and find out who can best advise you on any problems. It can give you a great sense of relief to share your problems, so you’re not facing them alone. It’s important to seek professional advice as soon as possible and not wait until it’s more difficult to find a solution.
Getting Debt Help
If you would like to talk to someone about debt, we offer a free and confidential consultation to anyone in serious financial difficulties. We can advise you on a range of debt solutions suited to your individual circumstances, helping to protect you and your family with a sustainable way to manage your debt. Call 0800 121 48 63.
