It’s OK if you’re inDEBTed to financial help

This week it’s Debt Awareness week in the UK. Everyday we hear firsthand how this affects our existing and new customers.

Whilst awareness of the issues around debt problems are seen as a positive step there are still increasing numbers who find themselves struggling with their finances. A recent survey by the Money Advice Service pointed to one in five people expecting their finances to worsen in 2015 compared to 2014.

Payment notices
Debt Awareness Week aims to highlight the suffering of those with debt problems in the UK.

Those who want to talk about being in debt openly, or seek help to deal with their problems until it spirals out of control, are few and far between. A reason behind this could be linked to the ‘shame’ attached when admitting you’re in debt.  This in turn potentially leads to not admitting it to yourself – which then stops you from dealing with, and tackling, your debt issues.

Ignorance also plays a part with letters, texts and phonecalls being ignored. Until it’s too late.

It’s easy to remember that only a month ago most of us were still eating the remains of our Christmas turkey and probably reeling from the amount of money spent on presents and gifts. 30 days later, as people log on to check their bank balance, the festivities of December seem a distant memory.

The very thought of financial worries can lead to sleepless nights, health issues and problems with loved ones. These are situations which many of our customers find themselves in before it sometimes get worse.

Making the issue of ‘being in debt’ being seen less negatively isn’t something that will ever be easy. But if events like Debt Awareness Week can help those in similar circumstances feel more confident, when dealing with a potentially fragile financial situation, then the overall benefits are positive to all involved.

If you’re currently worried about your finances or need some further guidance on arranging a Debt Management Plan, an IVA (Individual Voluntary Arrangement) or managing your debts than please get in touch with us here at Harrington Brooks.  We can setup a plan that deals with your creditors towards a longer term goal of being in control of your finances and ultimately debt free.

As with any change in your financial arrangements there may be consequences including restrictions on future expenditure or obtaining further credit so please consider this before committing to such an arrangement.