Vikki Brownridge
CEO at StepChange Debt Charity
Many people delay seeking debt advice due to shame. Learn how to tackle debt confidently for a stress-free start to the new year.
Every year at StepChange, we see more people coming for free debt advice in January. That’s no surprise — a new year feels like a natural moment for a fresh start. The festive season can also take its toll on our budget, with pressure to spend on the ‘perfect’ Christmas. However, what worries us is how many people delay seeking help for far too long.
We polled clients who’ve been through the debt advice process, and the majority (92%) wish they’d reached out sooner. Why do people wait? There are many barriers, but one that always comes up is embarrassment or stigma.
Most people manage well until a sudden event — such as job loss, illness or relationship breakdown — throws everything off balance.
Tackling debt stigma
There are misconceptions around what drives people’s debt struggles. It’s often seen as the result of money mismanagement, when it usually stems from life simply happening. In my two decades at the charity, I’ve seen external factors like the pandemic and cost-of-living crisis shape the types of debt people face, but the main causes have stayed largely the same. Most people manage well until a sudden event — such as job loss, illness or relationship breakdown — throws everything off balance.
Debt problems can happen to anyone, at any time. Despite how common it is, stigma prevents people from asking for help. People often try to juggle their finances alone, feeling ashamed to speak to someone.
Avoiding a new year debt hangover
There truly is no shame in struggling with debt or asking for help. Many clients tell us they sleep better after getting advice, sometimes for the first time in months. This relief shows the importance of not facing debt alone.
As Christmas spending ramps up, it’s worth remembering that the new year doesn’t have to begin with a debt hangover. Use credit only when repayments will be manageable, and know that free, impartial and non-judgemental advice is available 24/7 on our website. We’re not here to judge how someone’s debt began — only help them move forward and regain control of their finances.
