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Coronavirus, Debt, and Stress

Dealing with Coronavirus Debt Stress

Since the beginning of the pandemic till now, there have been many changes not only in the way we interact and our daily lives but also on income and financial debt. Sources from The Guardian have stated that “British households are expected to rack up debts worth a combined £6bn because of the coronavirus crisis, as millions of people fall behind on credit card payments, council tax, and utility bills.”

With every single industry sector taking a big hit in revenues during the few months of lockdown, it is likely that the economy will take a few years to bounce back to what it once was. Millions of people have found themselves unemployed and relying on benefits or being made redundant due to business closures. Without a doubt, this pandemic has caused one of the most stressful times both mentally and economically for at least the past decade. If you are currently struggling with financial stress, it is important to remember that you are not alone. At Money Support Group, we are here to help you with whatever debt struggle you’re going through because we care.

Woman smiling with her kids after managing her debts

“I wouldn't hesitate to use them again. They are always at the end of a text or phone call . They were very informative throughout the process and extremely helpful”

LindsayFirst Class

Steps to take if you are dealing with debt stress:

 

  1. Spot the signs of debt stress.

If thinking about debt makes you physically nauseous, overwhelmed, sad, or stops you from feeling able to carry out daily activities then you may be struggling from overwhelming debt stress. Noticing that you are suffering from debt stress is the first step that you need to take in order to be able to start getting the help you need.

  1. Talk to someone you trust.

You might feel uncomfortable about discussing your financial situation with others but being able to confide in someone that you trust can help you to free the burden of the overwhelming stress. Doing so will help to make you feel less alone and less isolated in your problems.

If you feel as though you have no one to talk to, the NHS has a list of organizations that are there to listen to your problems and to help you work through them.

  1. Let your creditors know that you need support.

It is important to let your creditors know if you are having trouble being able to make ends meet. Many creditors are very understanding and willing to help you during this time as they recognize that it is a difficult situation for everyone. If you need help either with your bills or your mental health, then it is important that you try to let them know. After all, your creditors want to help you and want what’s best for you. They want to help you deal with your money worries, not make them worse.

  1. Chat to us for free debt advice.

We are here to listen to your situation and give you the best advice we can so that you can become #DebtFree. Our advice is completely free and confidential and we promise to let you know about all of the options available in getting rid of your debt. Don’t hesitate to contact us and speak to our specialist debt advisors about your needs.

Now, the ball is in your court

Take that first step to becoming debt-free, today.

Call us for free debt advice at 0800 088 2303 or alternatively fill out our 60-second debt calculator

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