Start talking about debt... and save your life
DEBT has become one of the country’s biggest and darkest secrets.
That’s because it has left millions of us isolated and in many cases too embarrassed to tell anyone the trouble we’re in.
The taboo around it means people have become adept at hiding their money worries from family and friends.
Now research from the Money Advice Service reveals UK adults are concealing more than £96billion worth of it.
Half of people in debt don’t talk about it as they think no one can help them. Two in five are too embarrassed to discuss struggling to make ends meet. The result is a spiralling plunge into depression – and at worst it could end in suicide.
But we are hoping to help change that by supporting and raising awareness of Talk Money Week - a campaign that urges more people to share their worries – the first vital step to tackling debt and taking back control of money matters.
Caroline Siarkiewicz, head of debt advice for the Money Advice Service, says: “Sometimes it can be easier to pretend everything is all right and avoid opening up about our debt problems to escape the tough conversations.
“That’s because we want to shelter those closest to us from our problems or are concerned about being judged. But this rarely solves the issue. It often makes things worse.” Dad Steaven Smith knows only too well how isolated being in debt can make you feel and how money worries can devastate your life. He found himself in a really bad place and after a marriage break-up and job loss. Steaven, 43, of Plymouth, explains: “I felt like I was down a well without a ladder - and with no way of getting out. Debt worry takes over your whole life. For me, it affected everything from the ability to sleep or carry out everyday tasks. I didn’t know where to turn as I was being bombarded by threatening letters, knocks on the door and phone calls.
“It got so bad I shut myself away and had no contact with the outside world. I found out about Christians Against Poverty when I visited a food bank and got chatting to someone there.
“They asked how I was and I said OK but struggling with debt. They gave me a CAP card, but I couldn’t bring myself to contact them.
“One day I hit rock bottom and decided I had to do something. I could only see one way out - and that wasn’t a good one, especially as I have children. I made myself call CAP and my world
I could see one way out and it wasn’t a good one. So I made a phone call and my world changed
changed. From that first call it was pure relief. They helped me through every step to get back on top of my finances. It took almost four years to become debt free. But dealing with the charity, who were caring and didn’t judge me, rather than nasty people chasing debt, was so much easier.
“They went through my finances and helped me sort out a budget. And they also helped me to start saving while paying off debt, so I had a safety net.
“It was an amazing feeling when I paid the last bit of debt. Complete freedom and relief at getting my life back.
“I now help others who contact the charity, sharing my story to show you can come out of the other side, be able to budget and manage money well.
“That first conversation is horrible. But once you’ve made it all the stress and worry just eases away.”
■ Find out more about Talk Money Week at talkmoneyweek.moneyadviceservice.org.uk