Money Wellness

10 signs you need help with your debt

Unmanageable debt can feel like a heavy weight on your shoulders.

Whether it's credit cards, loans or unexpected expenses you’re struggling with, it’s never a good idea to bury your head in the sand about problem debt.

This guide looks at ten tell-tale signs that suggest it might be time to get professional debt help.

Let’s dive right in.

1. You’re struggling to make payments

  • Are you juggling multiple payment dates?
  • Do you worry about your next bill?
  • Are you using new credit to pay off old debt?
  • Do you miss payments or make late payments?

If your answer to any of these questions is ‘yes’, it’s a sign your debt is unmanageable.

This can lead to late fees and a drop in your credit score.

2. You only pay the minimum

Are you only making minimum payments on credit cards?

While it’s better than nothing, this can keep you in debt for years and result in you paying hefty amounts of interest.

3. You use credit for daily expenses

If you’re relying on credit cards or buy now, pay later (BNPL) for essentials like food or bills, it’s time to rethink your finances.

Ask yourself:

  • Are you using credit for basic needs?
  • Do you dread checking your bank balance?
  • Is your credit card or BNPL bill growing each month?

4. You’re constantly borrowing

If you’re stuck in a cycle of taking out loans to pay off other debts, a professional can help you break it by:

  • identifying the root causes of your debt
  • suggesting practical solutions
  • negotiating with creditors on your behalf
  • creating a realistic budget that you can stick to

5. You’re feeling stressed about money

  • Avoiding calls from creditors?
  • Struggling to concentrate at work?
  • Losing interest in things you used to enjoy?

Feeling anxious or stressed about your finances can take a toll on your mental health.

If debt is causing sleepless nights or anxiety, it’s time to take action.

6. You’re getting calls from creditors

Regular calls or letters from creditors may mean the people you owe money to are considering taking further action to get you to repay what you owe.

Before you find yourself being taken to court, get help.

A debt adviser may be able to sort out breathing space for you so you have time to find a longer-term solution to your money issues.

7. You don't know how much you owe

If you’ve buried your head in the sand and have no idea how much you owe, it’s time for a financial check-up.

This can happen for several reasons, such as:

  • unexpected expenses
  • not having a clear repayment plan
  • higher interest rates than you expected

8. You have no savings

Not having any savings can leave you vulnerable to unexpected expenses, which could make your situation worse.

If you can’t save for emergencies because of your debt, reach out for help.

9. You feel overwhelmed by your finances

If managing your finances feels like a full-time job, a debt adviser can help you simplify things.

They’re able to help with:

  • understanding complicated financial jargon
  • making sure you get all the benefits you qualify for
  • creating budgets
  • speaking to your creditors for you
  • creating a tailored repayment plan
  • looking at different debt solutions to find one that works for you

10. You’re thinking about bankruptcy

Bankruptcy is a serious step that can have long-lasting effects on your finances.

Before making any decisions, ask yourself these questions:

  • Do you understand what happens when you become bankrupt?
  • Have you looked at the alternatives to bankruptcy?

If bankruptcy is on your mind, it’s important to seek free debt advice first.

A debt adviser can help you explore your options and find the best path forward for your circumstances.

Taking the next step

If you recognise any of these signs, don’t worry – acting quickly can make it easier to get back on top of your finances.

Many people find themselves in a tight spot, but help is out there.

There are a few ways we may be able to help you, including:

Our support is available 24/7 online, or you can pick up the phone and give us a call on 0161 518 8285.

We're here from 8am to 8pm, Monday to Friday, and over the weekend between 10am and 4pm. 

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