According to the Money Advice Service, 1 in 5 people in the UK feel like they’re sinking in debt.

There’s no doubt that money worries hurt your mental health. Many people say they feel stressed, anxious and depressed about their financial situation. They report having trouble sleeping and find it difficult to concentrate.

Do any of these warning signs sound familiar?

You can’t put a figure on what you owe

Your debts may be more serious than you realise.

You regularly don’t pay your bills on time

This means you’ll have to pay extra charges.

You frequently exceed your credit limit

Exceeding your overdraft or credit card limit could mean high fees and charges.

You take out more loans to pay off your debts

Borrowing more to manage your debts just gets you deeper into trouble, because you’ll have more debts to pay off. If you borrow on a credit card when you need cash – or worse, if you take out a payday loan – you could face hefty interest charges too.

You repay the bare minimum each month

That means your debts will take much longer to pay off and you’ll end up paying more in interest.

You use your credit card for cash

It may be tempting to withdraw cash on your credit card but the interest rates on credit card cash withdrawals are usually high, and you may also have to pay a withdrawal fee.

There’s no need to feel guilty or embarrassed if you’re struggling. CABA can help. Our specialist debt advisors will provide non-judgemental, confidential advice. They’ll work together with you to help you take back control.

All of our services are free and strictly confidential.

For advice and information call us on +44 (0) 1788 556 366, email enquiries@caba.org.uk, complete our online form or chat to us online.

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