How to face debt, manage spending, and get the help you need

Debt awareness week

Financial knowledge isn’t always taught so it’s easy for people to find themselves in debt without fully understanding the implications. While it may be tempting to ignore your financial situation, there are steps you can take to manage debt more effectively. Debt Awareness Week is all about raising awareness of the effects of debt and offers resources, advice, and support to help people tackle their debt-related challenges.

Good and bad debt

Not all debt is bad. When managed responsibly, it can be a tool for achieving goals such as purchasing a home or funding education. However, when left unchecked, it can spiral out of control, leading to stress, financial instability, and even bankruptcy. Many people find themselves trapped in a cycle of debt due to overspending, lack of budgeting skills, or unexpected life events with high-interest credit card debt and payday loans quickly becoming problematic.

Assess your financial situation

Take a closer look at your financial health. This includes understanding your income, expenses, and existing debts, as well as assessing your credit reports for accuracy. MoneyHelper has advice and practical tools for all aspects of assessing your finances, as well as support for money troubles.

Develop responsible borrowing habits

Learning to differentiate between needs and wants, creating and sticking to a budget, and avoiding impulse purchases are essential skills for managing debt effectively. MoneyHelper’s budgeting tool can assist with creating a budget and identify areas where you can cut back on spending.

Seek help when needed

Many people struggle with debt in silence due to shame or embarrassment but don’t be afraid to reach out for help. Our free, confidential helpline is available 24/7, 365 days a year and can point you in the direction of practical help for financial concerns including debt, benefit entitlement, loans and day-to-day budgeting. Charities, like Turn2Us, can give grants and benefits information and StepChange offers guidance and assistance in developing a plan to tackle your debt with help like breathing space and a designated debt management plan. If you need advice on mortgage arrears and repossession then Shelter has really helpful information; while GamCare is there for anyone who is in debt from gambling. Whatever your financial situation, there’s always somewhere to turn.

Don’t wait to start understanding and managing debt effectively. By taking proactive steps to educate yourself, assess your finances, and seek support when needed, you can work towards achieving financial stability, alleviating the stress and anxiety it causes, and securing a brighter financial future.

Get in touch

If you, or someone you know needs support, or you’d like to know more about our free, confidential helpline, please don’t hesitate to get in touch.

To find out more give us a call on 01293 542 820
or click the button below.

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