The economic effect of the cost of living crisis has been devastating for family finances, but you’re not alone
It is estimated that since the beginning of the coronavirus lockdown:
- 8 million people have fallen into arrears: most frequentlyย utilities(1.2 million people),ย council taxย (820,000 people) andย rentย (590,000 people),
- 8 million people have borrowed to make ends meet, most often using a credit card (1.7 million), an overdraft (1.6 million) or a high cost credit product (980,000).
Other common financial coping strategies include using savings, asking family and friends for help, applying for Universal Credit, and selling possessions.
Thousands of families have struggled to cope with reduced earnings or redundancy over the last year leaving them with debts they are now struggling to manage. If you are worried about debt, itโs really important not to feel embarrassed as there are lots of organisations who can help you move forward.
Step Change have more than 25 yearsโ experience providing free, expert debt advice. They offer the widest range of practical debt solutions of any provider in the UK.
No matter how large or small your debt problem is, they can help. They’ll look at your financial situation and give youย expert debt adviceย and recommend debt solutions to suit your situation. They can also help you set up and support your chosen solution.
Just 3 steps to getting advice and a debt solution
Whether you get advice online or over the phone, you’ll follow a straightforward advice process giving you a clear picture of how to deal with your debts.
- Tell them your situation: Provide details about your debts, income and spending and they can help you create a budget
- Explore your options: Youโll get a personal action plan and recommended debt solutions that suit your situation
- Choose your debt solution: Theyโll help you get set up and give you the support to deal with your debts, no longer how long this takes
Find out how Step Change can help you
There are lots of other organisations that can help you too
ย Get help from Citizens Adviceย ย ย ย ย ย ย ย ย
ย ย ย ย ย Get help from the National Debtline
ย ย ย ย ย Get Help from Pay Plan