Feeling ashamed about debt is more common than you might think – but it shouldn’t stop anyone from getting help. For this year’s Debt Awareness Week, we’re sharing a guest blog from Ray Neal, debt advisor at StepChange, to help challenge the stigma and let people know: you’re not alone, and support is out there. Ray shares what he’s learned from StepChange’s work in over a decade of listening to people in debt – and why asking for help is the most powerful step you can take.
“One recurring theme when talking to people about their debt problems is that of guilt or shame, and the frustration they feel when considering their current financial situation.
This year, Debt Awareness Week will explore shame and stigma – we want to challenge attitudes to debt and help people access the support they need. For over 11 years, Debt Awareness Week has shone a spotlight on the challenges of problem debt, while aiming to reduce the stigma and shame that often prevent people from seeking free debt advice.
92% of our clients say they wish they’d gotten debt help sooner*, and the stigma surrounding debt is something they quote commonly as one of the reasons why they haven’t talked to someone about debt before.
At StepChange, we understand that debt affects people from all walks of life. While someone’s situation may seem normal on the outside, many are silently dealing with financial hardship.
Understanding debt and its impact
Sometimes it can be hard to admit you need help, but the sooner you do it, the sooner you’ll enjoy the sense of relief that comes from taking control of your financial life.
Many of us live and work in a financial framework that actively encourages the use of credit. Getting a mortgage is considered a social step-up from renting; yet it involves getting the biggest debt most people will ever have and pay off in their lives.
Politicians and celebrities can go bankrupt numerous times without a visible impact on their self-image. Even nations have a credit score, and most exist and thrive on credit, so why are working people made to feel ashamed if they need the same relief from their financial woes?
Sometimes, the desire to maintain a healthy credit file can add to people’s feelings of shame and failure when they can no longer sustain their household budget. It also isn’t helpful that so many TV shows focus on the negative sides of poverty and debt, and even in some cases throw up misleading statistics and information.
However, there’s no need for that to stop anyone getting help, as getting free debt advice doesn’t affect your credit file or score. Some debt solutions may affect the credit rating to varying degrees, however debt advisors will share all pros and cons when providing clients with their options for debt solutions.
Moving towards debt freedom
As a debt advisor, one thing I’m sure of is that it’s always best to reach out and ask for help as soon as you know you’re struggling. Attempting to fix the problem with more credit can lead to spiralling financial troubles, but in almost all cases there are solutions available for the variety of debt situations people may find themselves in.
To get in touch with us here at StepChange, you can call us on 0800 138 1111, 8am to 8pm Monday to Friday or 8am to 2pm on Saturdays. You can also access our free online debt advice service which, unlike the phonelines, is available 24 hours a day, 7 days a week. You can start, pause, and pick it back up again any time you like, whilst being guided through every step.”
- Thanks to Ray Neal, Debt Advisor at StepChange for sharing this blog with us.
*Source: Survey of 2,744 StepChange clients – August 2022
StepChange is authorised and regulated by the Financial Conduct Authority.
