Can being debt aware help you to become debt free?

In 2023, discussing debt continues to be essential. The issue of debt became a vivid reality for people across the UK with the on-going cost-of-living crisis, and a new wave of people nationwide are struggling amid economic instability. Many are now feeling financially insecure for the first time, and don’t know that help that is available.

Looking at #debtawareness is an opportunity to highlight and have open discussions about debt. Often, it isn’t that people don’t want help but that they are unaware or unsure of how to find it.

MoneyPlus have been encouraging people to be more debt aware by highlighting the importance of seeking debt help early, and how it can positively impact those struggling with unmanageable debts.

Debt Survey 2022/23

At MoneyPlus Advice, we’ve seen startling data for just how much the cost of living is influencing debt enquiries in the UK. Between 2020 and 2022, customers citing ‘cost-of-living’ as their reason for seeking debt advice more than tripled.

At the end of last year, MoneyPlus Advice surveyed customers about managing debts amid a cost-of-living crisis. 95% of customers surveyed expressed feeling ‘extreme worry’ about the current cost of living, with 35% of surveyed customers feeling most concerned about energy costs. More recently, when asked if they knew they could receive debt advice online, more than half said they didn’t know that was even an option.
In the same recent survey, 61.5% of MoneyPlus customers admitted to feeling anxious, and 48.1% feeling depressed before seeking debt help. After receiving advice from MoneyPlus, customers feeling anxious dropped to 10.2% and those feeling depressed down to just 4.2%, with a majority of customers (63.5%) feeling relieved and calm (44.4%).

It’s clear that reaching out for debt help makes a big difference to people’s state of mind. It can be easier to take action and make positive changes when you feel supported, understood and have all the information you need.

Debt Awareness

Debt became a reality for many individuals for the first time last year. However, with the right support, it doesn’t have to be a reality you go through alone. MoneyPlus is dedicated to assisting those seeking financial advice and debt guidance. As an FCA-regulated debt advice company, we have helped thousands of people in debt across the UK to get the help they need.

With energy costs continuing to rise, it is estimated that two in five families will be pushed into debt. Additionally, rent prices have increased by 10.8% as of December 2022.

It’s evident that debt can no longer be brushed aside. Through collective efforts, we can demystify debt and make it more manageable for those affected.
Thinking about being debt aware serves as an essential platform for spreading the word about the challenges many have faced throughout 2022 and into 2023. We hope influential figures will continue to promote debt advice throughout the year, ensuring those struggling with rising costs know help is available.

Do you need debt help?

Our initial advice session typically take around half an hour (although it can be done online, and we can go through all solutions available to you. Discussing debt can be difficult, so we aim to make taking that first step easier than ever. For more information or to speak to an advisor, follow the link below and keep the conversation going using #debtawareness.