'I'm slowly paying off £7,000' – Tips from those tackling debt

As the cost of living continues to rise, many individuals are feeling the pressure of debt. In January, the National Debtline reported a significant increase in calls for assistance, with a staggering 57% more inquiries compared to the same time last year. The first Monday of the new year marked their busiest day ever, highlighting the urgent need for financial support. Many callers expressed concerns about falling behind on essential bills, such as energy and water, and some even owed money to family and friends. In response to these challenges, numerous individuals are committing to tackling their debts head-on this year. Some have taken to social media to share their experiences and seek encouragement from others in similar situations. The BBC has reached out to several people who once faced substantial debts to learn about their journeys toward financial freedom. They have also connected with charities like Citizens Advice, which has seen a rise in requests for help with money management. One such individual is Rachel Hargreaves, a mother of a young daughter named Joni. Rachel is determined to pay off over £7,000 in debt. She admits that seeing other parents showcase gifts for their children on Instagram used to trigger her impulse spending, especially as her mortgage and household bills increased. However, Rachel has turned her social media presence into a platform for accountability, documenting her progress and seeking support from others. She emphasizes the importance of understanding her income and expenses, which has allowed her to take control of her finances. By using cash instead of credit cards, Rachel has found it easier to track her spending and avoid unnecessary purchases. Emma Quinn, another individual featured in this discussion, has faced her own struggles with debt. Living with bipolar disorder has led to periods of impulsive spending, resulting in debts that once reached £20,000. Emma describes the emotional rollercoaster of experiencing the thrill of shopping, only to be followed by feelings of guilt and depression. After confiding in her father about her financial situation, Emma and her dad took proactive steps to regain control. They cut up her credit cards, established a budget, and created a repayment plan. Today, Emma is proud to say she is debt-free and is actively saving for her future. She advises others to remove their card information from online shopping accounts to help curb impulsive spending. Paul and Sam Helsby faced a different set of challenges when their family construction business was impacted by rising material costs. Following Paul's stroke at the age of 44, the couple found themselves in a dire financial situation, accumulating £60,000 in debt. They felt overwhelmed and isolated, even avoiding social interactions. However, their experience volunteering at a food bank led them to connect with staff from the debt charity Christians Against Poverty. After reaching out for help, they received essential support, including food and energy vouchers, and guidance on managing their finances. Paul, who had always prided himself on being able to fix problems, found it difficult to admit he needed assistance. However, this decision proved to be a turning point for the couple. They now manage their finances by allocating funds into virtual pots for specific expenses, allowing them to prioritize their needs and focus on spending quality time with family rather than stressing over financial burdens.