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Wellbeing

Why you’re not alone with debt

Posted 08 February 2017

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We know that dealing with debt can feel isolating – but it doesn’t have to be. Find out here how sharing the problem can help.

Right now, millions of people across the UK are struggling with debts they can’t afford to repay*. In fact, it’s estimated that 1 in 6 of us is struggling with debt. Young people and single parents are particularly hard hit, but problem debt is something that can touch any of us.

And few things can make us feel more alone, more scared and more hopeless than debt. Unpaid bills piling up, unanswered calls from lenders and perhaps even debt collectors knocking on the door – it’s enough to make you want to bury your head deep in the sand.

Debt is a leading cause of sleepless nights and mental health difficulties like depression. So it’s not only your finances at stake if you avoid facing your debt issues head on, but your wellbeing too.

But trust us – this isn’t a situation you have to face alone. However hopeless your circumstances may seem, we’ve never come across a debt problem that didn’t have a solution.


A problem shared is a problem halved

Speak to a debt advisor and they’ll:

1) Listen

Debt advisors help hundreds of people struggling with debts they can’t manage. They’ll be happy to listen to all of your worries – which is sure to be a big relief if you haven’t told anyone.

2) Plan

A debt advisor can then suggest a solution that they think could help you solve your problem debts.

3) Support

If you decide to go ahead with a debt solution, your debt advisor will support you every step of the way.


Share the load

There’s plenty of professional support available from people who can help you get back in control of your money.

You can even speak to your lenders directly. Tell them that you’re in financial difficulties and they should work with you to help you repay what you owe at a rate you can afford. Whoever you speak to, they’re not there to judge but to help you find a solution to your money problems.

And it’s not only professionals who can help. We understand you might not want to burden your family and friends with your debt worries, and perhaps you’re worried about how your loved ones will react.

But in our experience, talking your debt problem through with them can make a positive difference. They’ll support you and together you can work on a plan to get your finances back on track.


Don’t go it alone

Debt is not something you should try to manage alone. The sooner you tackle it the better!

If you’re falling behind with your payments, your lenders can continue to add interest and charges to your debts, which could make a bad situation worse.

So, if you’re worried about debt, don’t try to cope on your own: speak to someone today.

*https://www.moneyadviceservice.org.uk/en/corporate/one-in-six-adults-struggling-with-debt-worries

by Christine Walsh

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To find out more about managing your money and getting free debt advice, visit Money Advice Service, an independent service set up to help people manage their money.