Debt Awareness Week’ (DAW) by debt advice charity StepChange runs from 18th-24th March this year. The focus of this year’s 10th annual campaign is on addressing the main barriers people face when seeking debt advice and how these barriers can hinder their financial recovery. Debt Awareness Week aims to shed light on the challenges individuals encounter while dealing with various types of debt and to emphasise the importance of seeking help to manage their finances effectively. If you are interested in learning more about Debt Awareness Week and how it can assist you in overcoming the obstacles you are facing, continue reading this article.
Debt Awareness Week was initiated by StepChange in 2014 to raise awareness about the issues, anxieties, and hardships associated with debt and its impact on financial, physical, and mental well-being. By encouraging open discussions about debt, the campaign aims to reassure individuals in debt that they are not alone and that there are resources and support available to assist them. Particularly in light of recent economic challenges such as the cost of living crisis, many individuals may have found themselves in debt for the first time.
Refresh Debt Advice recognises that managing debt can be overwhelming, but our expert advisors are committed to guiding individuals through the process in a supportive and non-judgmental manner.
The theme for Debt Awareness Week 2024 is centred around dismantling the barriers to accessing debt advice. StepChange has identified the top five obstacles that prevent individuals from seeking debt advice:
- Lack of understanding about how debt advice can be beneficial
- Concerns about disclosing debts to loved ones
- Anxiety about credit scores and the inability to borrow more money
- Mental health issues hindering the initial step towards seeking help
- Insufficient time to seek debt advice and support
A recent study conducted by the Money and Pensions Service (MaPS) highlighted that there are two groups of individuals who require debt advice but do not receive it: those who actively avoid seeking help and those who attempt to seek assistance but are unsuccessful. The study also identified additional barriers to receiving debt advice, including feeling overwhelmed, embarrassed, relying on short-term solutions, inability to share all relevant information, competing priorities, and more.
While these are some common reasons why individuals may struggle to seek debt advice, each person’s circumstances are unique. Regardless of one’s background or past experiences with debt, assistance is available to help manage debts, starting with confidential debt advice.
Struggling With Unaffordable Debt?
If you would like to talk to someone about debt, we offer a free and confidential consultation to anyone in financial difficulty. 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.
