Steps to take if you’re anxious about debt

If debt has left you feeling anxious, you’re not alone. Across the UK, rising living costs and financial uncertainty have left more people struggling to stay on top of their money. But there’s a difference between worrying about bills now and then, and living in a constant state of anxiety about debt.

This guide will help you understand what debt anxiety is, why it happens, and most importantly, what you can do next. Whether you’re scared of debt, avoiding bank statements or feeling too overwhelmed to act, there are steps you can take today that can start to shift things in a better direction.

What is debt anxiety?

Debt anxiety isn’t a clinical diagnosis but it’s a very real experience for many people. It refers to the emotional distress or worry caused by debt. This can build slowly over time or come on suddenly after a change in circumstances.

Unlike general money worries, this often stems from feeling like there’s no way out, or no control left. That can feel isolating but there is help available for debt anxiety in the UK.

 Financial worry vs anxiety as a condition

It’s important to understand the difference between financial stress and anxiety as a mental health condition. Everyone feels anxious at times, especially when faced with serious money problems. But if your anxiety becomes constant, overwhelming or starts interfering with everyday life – such as affecting your ability to work, eat, or sleep – it may be a sign of an anxiety disorder.

You might notice physical symptoms such as poor sleep, headaches, or chest tightness. Emotional signs can include racing thoughts, panic, or a persistent sense of dread.

If that sounds familiar, it’s a good idea to speak with your GP or a mental health professional. Mental health support can go hand-in-hand with debt help.

At the same time, addressing the cause of your financial difficulty can make a huge difference. Tackling the root issue – debt – can reduce the pressure you’re under and help you feel more in control. According to a recent MoneyPlus survey, 2 in 3 of our customers said they felt less stressed after taking out a debt solution.*

How debt anxiety can affect behaviour

Debt doesn’t just affect your bank balance. It can shape your behaviour in subtle and not-so-subtle ways. Some people find themselves constantly checking their account, while others do the opposite and avoid looking altogether. Some common signs include:

• Ignoring post or texts from creditors
• Delaying payments because you’re too anxious to open bills
• Feeling stuck or unable to make financial decisions
• Snapping at others or withdrawing socially.

If you’ve noticed yourself doing any of these, it’s likely your anxiety about debt is affecting more than just your finances.

Why you might feel scared of debt

Debt can feel scary for all sorts of reasons. For some, it’s the fear of legal action or losing their home. For others, it’s a deep sense of shame, especially if they feel they should be able to manage better. Some feel overwhelmed by not knowing how much they owe, or where to even start.

If you’ve ever thought ‘I can’t face this because I feel anxious about debt’, that’s a perfectly valid reaction. But while these feelings are understandable, you don’t have to let them decide what happens next.

Practical first steps if you’re feeling overwhelmed

Debt can feel all-consuming but breaking things down into small, achievable actions can help you take back control.

1. Write it down
Try jotting down everything you know about your debts. Include amounts, due dates, who you owe and whether you’ve received any contact. Seeing it in one place can make it feel more manageable.

2. Open one letter or email
If you’ve been avoiding post, pick just one envelope to open today. It’s a small step, but it can help shift the feeling of dread that builds when things are left unknown.

3. Prioritise essentials
Some payments, like rent, council tax and utility bills, carry more serious consequences than others. If you’re juggling multiple debts, it helps to know which ones could lead to enforcement action or risk your housing. You might be surprised which debts fall into this category.

4. Speak to someone
Whether it’s a friend, family member or someone trained to help, saying things out loud can reduce the weight you’re carrying. At MoneyPlus, our advisers will talk you through your options without pressure or judgement.

Ways to reduce the emotional burden of debt

You might not be able to make your debt disappear overnight, but you can take steps to ease the mental load. Here are a few things that may help:

• Set a ‘worry window’: Give yourself a specific time in the day to think about your finances. Outside of that window, give yourself permission to focus on other things.
  
• Track your emotions: Noting down how you feel after financial tasks can help you spot patterns and triggers.
  
• Celebrate small wins: Opened a bill? Called a creditor? Those count. Acknowledge the progress.
  
• Use calming techniques: Breathing exercises, mindfulness, or a short walk can help bring down anxiety levels when they spike.

Getting help with debt solutions

Sometimes, no amount of budgeting or cutting back is enough, especially if your debt has reached an unmanageable level. That’s where professional support becomes important.

At MoneyPlus, we help you explore personalised solutions, such as a Debt Management Plan (DMP) to lower monthly payments or an Individual Voluntary Arrangement (IVA) that could write off some of your debt included in the IVA after a fixed term. We’re regulated by the Financial Conduct Authority (FCA) and everything we do is focused on helping you move forward with clarity.

If you’re unsure where to start, getting a clear understanding of the types of debt you’re dealing with can help. It’s easier to act when you know exactly what you’re up against.

You’re not alone

Feeling scared of debt doesn’t make you weak or irresponsible. It makes you human. While it may feel like a heavy weight right now, support is available. If you need mental health support, you can contact your GP, access NHS talking therapies or look for guidance from charities such as Mind and Anxiety UK.

If you need help with debt, you can get free advice from MoneyHelper. Or, if you’re ready to speak to someone who’ll understand what you’re going through, get in touch with an adviser at MoneyPlus – we’re here to help.

*MoneyPlus customer survey 366 respondents May 2025.