In Britain we find it extremely difficult to speak about money. The truth is that a level of awkwardness shrouds almost all discussions with colleagues, family members, and friends on the topic. However, when it comes to speaking up about debt – whether that be confiding in someone, speaking to your lender or reaching out for free and impartial advice – it’s not so much awkwardness, but stigma. Our advisers see and hear every single day that people feel afraid to speak up about their difficulties for fear of judgement or criticism about a situation that’s so often out of the control.
Take our clients, Samit* and Louise*. Samit fell into debt after he lost his job. With his family in mind, Samit’s overwhelming priority was to provide for his wife and young children. Rather than talk about his situation, he tried to cope with his situation alone, and no one knew the true extent of it. For Louise, her debt emerged after she borrowed for various costs whilst working a series of low paid and insecure jobs in her early twenties, until it all became too much and her debt topped £9,000. She too struggled to speak to friends and family about her situation, and the prospect of asking for help seemed even more alien.
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Despite two very different contexts around their debt, the two had one thing in common, and that was a fear of speaking up and a shame around their situation, a situation which is much more common than people realise. After reaching out for help, both Samit and Louise are on a path from financial difficulty to one of financial health. And as we begin Debt Awareness Week for its twelfth year, our new polling reveals that half of all UK adults have experienced problem debt, and that despite this prevalence, almost half keep it secret. That’s people across Britain like Samit and Louise, who told no one about their struggles.
For too long, attitudes around debt have been tarred by misinformation, that only serve to embed stigma further in people who face debt for the reasons we have seen time and again in our thirty year history – life shocks, unemployment, illness or injury, and much more, all often, crucially, out of individual control. For those reading this and relating, or who find themselves in a situation similar to Samit or Louise, you may be wondering what you can do to get on top of your finances and debt.
The first step is always to draw up a simple monthly budget, which will help you see exactly what’s coming in and going out, and what might be left to repay what you owe. It’s important to prioritise essential household bills such as rent or mortgage payments, energy and council tax before unsecured borrowing like credit cards or personal loans. Once you’ve mapped everything out, look for small but realistic savings, whether that’s cutting back on subscriptions, switching supermarkets or checking you’re receiving all the benefits you’re entitled to.
