29 Jan 2019

Debt worries keep one in 10 of us up at night

Tips to take back control

A poll has revealed 65% worry more about being in debt than the health of family member or friend, and 78% said debt worries override anxiety about job security.

Younger generations suffer the most with money-related sleep loss with 16% of 25-24-year-olds saying their debt keeps them up at night, compared with just 6% of over 55s.

Despite the challenging economy, Brits took steps to improve their debt management last year, with almost half (48%) managing to reduce their overall debt by the end of the year. In comparison, just 17% of Brits increased their total debt levels in 2018, by an average of £2,700.

Top tips on managing debt

  • Transferring the balance to a card with an interest-free period can really help to ease pressure and to ensure you don’t continue to accrue more debt.
  • Make sure you switch your account to one that offers a free overdraft facility There are multiple banks that offer this service.
  • If you have debts on more than one credit line, it might be worth while consolidating your debt into one loan. You will pay less interest, but your monthly payments will be easier to keep track of.
  • If you are paying off a debt/loan in monthly payments you can make one-off extra payments on top of your monthly direct debit payments.