Worrying about money is something many of us face regularly and with it only taking a few clicks online to sign up for a credit card or finance agreement it’s no wonder the amount of people running themselves into money issues and debt is on the rise in the UK.
First launched in 2014, Debt Awareness Week is StepChange Debt Charity’s annual campaign to open up the conversation around debt and encourage people who need help or advice to seek it out.
This could mean getting advice and solutions for an existing debt problem, or it could mean getting hints and tips to deal with early warning signs that a debt problem may be developing, such as only ever making the minimum payment on a credit card, for example.
This year, the campaign runs from 23rd-29th of March and StepChange will be highlighting their key messages across their website and social media to help make a change to the lives of those struggling with debt.
It is estimated that we are carrying £87 billion in household debt here in the UK, this includes loans, credit cards, hire purchase agreements, overdrafts and arrears.
And it’s no surprise as technology is taking over our lives and with the younger generation being heavily focused on materialistic things, it’s easier than ever to sign up to a credit agreement on a new TV or the latest iPhone.
More than 18 million UK adults worry about money on a daily basis with a third saying their concerns affect their sleep.
Research from mobile bank N26, to coincide with World Mental Health Day 2019, has lifted the lid on how money worries affect people’s mental health. It found that about 9.5m UK adults have suffered from mental health issues as a result of financial anxiety.
Looking after our mental health is more important than ever, as is keeping a track of our finances and ensuring we are doing our very best to stay out of money problems, but sometimes it’s unavoidable when our car breaks down and needs repairing urgently, or the boiler packs in and we need a quick fix until payday.
What support is available to us if we do land ourselves in a pool of debt?
There are many organisations on hand to help support those struggling with money, but most notably, StepChange has the vision to create a society free from problem debt; being dedicated to fighting debt problems across the UK.
StepChange have a team of debt experts who help around 650,000 people every year deal with their debt problems. If you’re having debt problems you’ll find it difficult to make payments to your creditors, StepChange is on hand to help you deal with your money struggles and how best to deal with your situation.
Their advice is free, impartial and confidential and they tailor their advice to your situation, providing a range of managed debt solutions and all the advice and support you need to help you deal with your debts.
Everyone, at some point in their life, will have to deal with an unexpected event. Situations such as a serious illness, redundancy or the death of a loved one can affect your life on many levels. In particular, they can have a devastating effect on your finances and how well you can manage your bills and living costs.
You may find that you’re not bringing in as much money as you’d like, and want to look into how to earn more. You might have been trying to save up money, but something always gets in the way such as rising living costs or an emergency expense.
One of the best ways to start putting your finances first is by taking the time to work out a budget to cover your living costs and debt repayments, this can help you take control of your finances and your life again. It can also put you in a much better position to deal with unexpected expenses.
If worrying about your finances is putting a burden on your life or you’re aware a friend or family member is struggling, you can always do something about it before it’s too late.
Contact StepChange today to gain the help you need to put your finances straight. Call their free debt helpline on 0800 138 1111, or visit www.stepchange.org where you can read their online advice, use their live chat feature or online contact form to speak to an expert debt adviser.