What stops people getting debt advice?

Millions of people face debt every year - and help is available.

But according to the Financial Conduct Authority (FCA), many aren’t taking advantage of this support.

New FCA figures show that in May 2024, 7.8 million people owed more than they could pay back, but hadn’t used debt advice in the previous year.

So why are so many people not accessing the help and support that’s out there?

Fear of judgement puts people off

In many cases, people feel there’s too much of a stigma around debt.

In fact, nearly one in ten (9%) said they were too embarrassed to seek debt advice.

Others, meanwhile, mistakenly believe there could be consequences, with 5% saying they’re worried about the impact on their credit score.

Let’s clear these up one at a time.

Firstly, debt advice isn’t about judgment - it’s about solutions. 

We’re here to listen to you, understand you and improve your financial wellbeing, whether that’s through helping you budget or letting you know what benefits you’re entitled to, to recommending debt solutions.

If you’re worried about your finances, even just a little bit, talking to someone could make all the difference.

Secondly, it’s simply not true that simply talking to a debt adviser will harm your credit score.

In fact, avoiding help and missing payments is much more damaging in the long run. 

Getting advice doesn’t automatically mean you’ll enter a debt solution or formal process. 

Often, it’s just a conversation - one that helps you see your options clearly and feel more in control.

People feel the benefits after getting debt advice

In the year to May 2024, nearly two million people used a debt advice or debt management service - and most felt it was worth it.

The FCA survey found that:

• almost three-quarters (73%) felt their debt adviser understood their needs
• more than three-quarters (77%) felt the adviser took the time to explain their options
• more than six in ten (61%) felt their debts were more manageable having spoken to a debt adviser

No matter how worried you are, we can help, so get in touch if you’re struggling with money.

All our advice is confidential, practical and impartial. 

We’ll help you find the right solution to becoming debt-free.