{"id":82150,"date":"2018-01-19T12:19:43","date_gmt":"2018-01-19T12:19:43","guid":{"rendered":"https:\/\/www.finder.com\/uk\/?page_id=82150"},"modified":"2025-04-15T10:00:17","modified_gmt":"2025-04-15T09:00:17","slug":"debt","status":"publish","type":"page","link":"https:\/\/www.finder.com\/uk\/debt","title":{"rendered":"Everything you need to know about debt"},"content":{"rendered":"<p>Debt isn\u2019t a dirty word. Unless you\u2019re one of a privileged few, debt is part of life. From running up a credit card bill at Christmas to borrowing hundreds of thousands to buy a home, living with debt is something you\u2019ll probably have to deal with at some stage.<\/p><p>But when debt gets out of control it can place you under serious financial and emotional strain. Let\u2019s take a look at the different types of debt and how you can deal with them. There are plenty of resources online including charities and professional advice services that can give you impartial advice to help get your finances back on track.<\/p><div class=\"did-you-know u-bg--sky-subtle u-rounded--lg\" data-component=\"did-you-know\">\n        <div class=\"did-you-know__block\">\n        <h4 class=\"did-you-know__title\">\n            <span class=\"did-you-know__title-icon\">\n                <svg width=\"32\" height=\"32\" viewbox=\"0 0 32 32\" fill=\"none\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\">\n                    <circle cx=\"16\" cy=\"16\" r=\"12\" fill=\"#00B2FF\"><\/circle>\n                    <path d=\"M17.5 22.5C17.5 22.7967 17.412 23.0867 17.2472 23.3334C17.0824 23.58 16.8481 23.7723 16.574 23.8858C16.2999 23.9993 15.9983 24.0291 15.7074 23.9712C15.4164 23.9133 15.1491 23.7704 14.9393 23.5607C14.7296 23.3509 14.5867 23.0836 14.5288 22.7926C14.471 22.5017 14.5007 22.2001 14.6142 21.926C14.7277 21.6519 14.92 21.4176 15.1667 21.2528C15.4133 21.088 15.7033 21 16 21C16.3978 21 16.7794 21.158 17.0607 21.4393C17.342 21.7206 17.5 22.1022 17.5 22.5ZM16 9C13.2425 9 11 11.0188 11 13.5V14C11 14.2652 11.1054 14.5196 11.2929 14.7071C11.4804 14.8946 11.7348 15 12 15C12.2652 15 12.5196 14.8946 12.7071 14.7071C12.8946 14.5196 13 14.2652 13 14V13.5C13 12.125 14.3463 11 16 11C17.6538 11 19 12.125 19 13.5C19 14.875 17.6538 16 16 16C15.7348 16 15.4804 16.1054 15.2929 16.2929C15.1054 16.4804 15 16.7348 15 17V18C15 18.2652 15.1054 18.5196 15.2929 18.7071C15.4804 18.8946 15.7348 19 16 19C16.2652 19 16.5196 18.8946 16.7071 18.7071C16.8946 18.5196 17 18.2652 17 18V17.91C19.28 17.4913 21 15.6725 21 13.5C21 11.0188 18.7575 9 16 9ZM29 16C29 18.5712 28.2376 21.0846 26.8091 23.2224C25.3807 25.3603 23.3503 27.0265 20.9749 28.0104C18.5995 28.9944 15.9856 29.2518 13.4638 28.7502C10.9421 28.2486 8.6257 27.0105 6.80762 25.1924C4.98953 23.3743 3.75141 21.0579 3.2498 18.5362C2.74819 16.0144 3.00563 13.4006 3.98957 11.0251C4.97351 8.64968 6.63975 6.61935 8.77759 5.1909C10.9154 3.76244 13.4288 3 16 3C19.4467 3.00364 22.7512 4.37445 25.1884 6.81163C27.6256 9.24882 28.9964 12.5533 29 16ZM27 16C27 13.8244 26.3549 11.6977 25.1462 9.88873C23.9375 8.07979 22.2195 6.66989 20.2095 5.83733C18.1995 5.00476 15.9878 4.78692 13.854 5.21136C11.7202 5.6358 9.76021 6.68345 8.22183 8.22183C6.68345 9.7602 5.63581 11.7202 5.21137 13.854C4.78693 15.9878 5.00477 18.1995 5.83733 20.2095C6.66989 22.2195 8.07979 23.9375 9.88873 25.1462C11.6977 26.3549 13.8244 27 16 27C18.9164 26.9967 21.7123 25.8367 23.7745 23.7745C25.8367 21.7123 26.9967 18.9164 27 16Z\" fill=\"#232320\"><\/path>\n                <\/svg>\n            <\/span>\n            <span class=\"did-you-know__title-text\">What is debt?<\/span>\n        <\/h4>\n        <div class=\"did-you-know__content\">\n            <p>Debt is money you owe to a third party, typically a bank, credit card provider or some other type of lender. You get in debt when you borrow money to purchase something, for example a home or car, or you use a credit card to spend money that isn\u2019t actually yours.<\/p><p>When you borrow money you need to pay it back, but as well as the amount you borrow, you will normally need to pay interest that accrues on your debt.<\/p>\n        <\/div>\n    <\/div>\n<\/div>\n<h3 class=\"has-margin-bottom\">Some common types of debt<\/h3><ul><li><strong>Mortgage debt<\/strong><p>The vast majority of us will need to borrow to purchase a home at some stage. Taking out a mortgage could see you borrowing several-hundred-thousand pounds, and so will probably be the biggest debt you have to deal with throughout your life.<\/p><p>Because mortgage debt is so large, the interest charges on the money you borrow add up to a significant amount over the life of your loan. You\u2019ll also spend many years paying off your mortgage, so financial discipline is needed. Making extra repayments, if allowed, as well as regularly reviewing your mortgage to see if you can get a better interest rate elsewhere, will help you clear your debt faster.<\/p><\/li><li><strong>Credit card debt<\/strong><p>The instant gratification of credit cards can make it easy to spend money without thinking about the consequences. Unfortunately, there\u2019s a sting in the tail of every credit card purchase you make and once interest charges start to accumulate, your debt levels can quickly rise. With low minimum monthly payments, even a small debt can drag on and on, and you could end up paying way over the odds in interest.<\/p><p>Credit cards charge some of the highest interest rates around, with some cards attracting rates as high as 30%. And if you\u2019ve run up a hefty bill on more than one card, the level of debt can soon skyrocket.<\/p><p><a class=\"more-link-arrow weight-semi-bold\" href=\"https:\/\/www.finder.com\/uk\/credit-cards\/persistent-debt\">Persistent credit card debt<\/a><\/p><\/li><li><strong>Personal loan debt<\/strong><p>In life, sometimes you need fast and easy access to a lump sum, for all manner of important purposes. Whether it\u2019s buying a car, paying for a wedding \u2013 the money from a personal loan can be used for just about anything.<\/p><p>If the loan is secured by an asset, for example if your car loan is secured by the car you purchased, you run the risk of the lender repossessing the vehicle. While there\u2019s no such risk with an unsecured personal loan, their higher interest rates can end up costing you thousands if you don\u2019t pay your debt off quickly.<\/p><p>Short-term loans, which offer short-term financing solutions and quick access to cash, can often seem like an attractive solution if you\u2019re in urgent need of funds. However, they come with extremely high rates and can lead you deeper into debt. You should consider applying for a short-term loan only if you have no alternatives.<\/p><\/li><li><strong>Business debt<\/strong><p>The old saying that you\u2019ve got to spend money to make money holds true for most businesses, but sometimes it can result in a substantial amount of business debt. While you need to spend money to buy stock, expand into new markets and grow your business, this often involves borrowing money to access the necessary capital.<\/p><p>From business loans and business credit card bills to all the other overheads involved when starting and running an enterprise, it\u2019s possible to get in over your head \u2013 especially if the economy takes a turn for the worse.<\/p><p>If business debt gets too much for you to cope with, it\u2019s important to take action sooner rather than later. Prioritise your payments, consider debt consolidation loan options, and seek professional financial advice to help you get back in the black.<\/p><\/li><\/ul><div class=\"fin-video fin-video--horizontal\" data-player-type=\"youtube\" data-video-id=\"MZ59bydWPlU\" style=\"\">\n    <div class=\"fin-video__container\">\n                    <img decoding=\"async\" class=\"fin-video__thumbnail\" src=\"https:\/\/img.youtube.com\/vi\/MZ59bydWPlU\/maxresdefault.jpg\" data-fallback-sd=\"https:\/\/img.youtube.com\/vi\/MZ59bydWPlU\/sddefault.jpg\" data-fallback-hq=\"https:\/\/img.youtube.com\/vi\/MZ59bydWPlU\/hqdefault.jpg\" alt=\"\" loading=\"lazy\">\n                            <div class=\"fin-video__duration\">6:47<\/div>\n                        <div class=\"fin-video__play-btn\" role=\"button\" aria-label=\"Play video\"><\/div>\n                <iframe allow=\"autoplay\" class=\"fin-video__player\" id=\"ytPlayer-MZ59bydWPlU\" title=\"Video player\"><\/iframe>\n    <\/div>\n        <\/div>\n<h3>What are the different ways of dealing with debt?<\/h3><p>If you\u2019re struggling with debt, there are a number of options available to help you take charge of your finances:<\/p><ul><li><strong>Debt consolidation personal loan<\/strong><p>If you\u2019re paying interest on multiple debts and you\u2019re struggling to make repayments, it might be time to consider a debt consolidation loan. <a href=\"https:\/\/www.finder.com\/uk\/personal-loans\/debt-consolidation\">Consolidating debt<\/a> means taking out one larger loan to pay off all your smaller outstanding debts. Designed to help you take control of debt, these loans allow you to roll multiple debts into one loan, meaning you only have one monthly repayment rather than several. Ideally in the process you can consolidate high-interest-rate debts to a lower rate.<\/p><p>If you decide a debt consolidation loan is the right option for you, make sure to compare a range of loans and only borrow from a reputable lender.<\/p><\/li><li><strong>Balance transfer credit card<\/strong><p>Balance transfer credit cards allow you to transfer your existing credit card debt over to a new card. You will then pay low or 0% p.a. interest on that balance for a set introductory period, such as 6, 12 or 20 months. This means you can avoid high interest charges and consolidate your debt, providing significant savings and giving you a window to pay off the money you owe.<\/p><p>However, make sure you\u2019re aware that a one-off balance transfer fee may apply, and these cards usually also charge an annual fee. Once the introductory period ends, the low or 0% p.a. interest rate will revert to a higher rate.<\/p><\/li><li><strong>Consolidating debts into your mortgage<\/strong><p>Remortgaging can help you find a better interest rate on your mortgage, but it can also be used to help you consolidate debt. By remortgaging to a debt consolidation mortgage, you can combine credit card and personal loan debt with your mortgage, resulting in one monthly repayment.<\/p><p>You\u2019ll need to closely consider the interest rates and fees offered when remortgaging, making sure to compare loans from a variety of lenders. You should also be aware that consolidating short-term debt into a mortgage with a 30-year term may not work out to be the most cost-effective option in the long run.<\/p><\/li><li><strong>Debt Management Plan<\/strong><p>Debt management plans are a service provided either at a cost by debt management companies (DMCs) or for free by a charity (such as <a href=\"http:\/\/www.stepchange.org\/\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">StepChange<\/a>). With a debt management plan you\u2019ll make a monthly payment to the debt management service, who will then distribute the funds between your creditors, effectively consolidating your loan. With a debt management plan it may also be possible to suspend interest on your debt.<\/p><\/li><li><strong>Individual Voluntary Arrangements<\/strong><p>Individual Voluntary Arrangements are government-backed arrangements between those struggling with debt (up to \u00a315,000) and their creditors. You\u2019ll make regular payments to an insolvency practitioner, who will divide the funds between your creditors, effectively consolidating your debt. Typically, the interest and charges on debts will be frozen during the term of the agreement.<\/p><p>Citizens Advice offers free, confidential advice and a <a href=\"https:\/\/www.citizensadvice.org.uk\/about-us\/contact-us\/web-chat-service-mas\/\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">live chat service<\/a> where you can ask questions about individual voluntary arrangements, and whether or not they\u2019re suitable for your personal situation.<\/p><\/li><li><strong>Administration Order<\/strong><p>An Administration Order is a way to deal with debts of less than \u00a35,000 to multiple creditors, if you have a county court or High Court judgment against you and can\u2019t pay in full. You can apply to your local court, who will decide the terms of the order. Court fees will be payable.<\/p><p>Much like a debt management plan you\u2019ll make a monthly payment to your local court, who will divide the funds between your creditors. Like a debt relief order, it will be visible on your credit file for six years.<\/p><p>You can find out more about administration orders by talking to an approved debt adviser such as <a href=\"http:\/\/www.citizensadvice.org.uk\/\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">Citizens Advice<\/a>.<\/p><\/li><li><strong>Debt Relief Order<\/strong><p>An alternative to bankruptcy, Debt Relief Orders (DRO) can gain you a reprieve on some debt repayments and action from creditors for a fixed period \u2013 normally a year.<\/p><p>Due to strict criteria (such as minimums for assets, income and level of debt) debt relief orders aren\u2019t an option for everybody. Additionally it will be visible on your credit file for six years.<\/p><p>You can find out more about debt relief orders and apply at an approved debt adviser such as <a href=\"http:\/\/www.citizensadvice.org.uk\/\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">Citizens Advice<\/a>.<\/p><\/li><li><strong>Bankruptcy<\/strong><p>If you\u2019re unable to pay off your debts you can apply for bankruptcy. Bankruptcy is a court order that declares you legally unable to repay your debts. This step is a last resort and should only be taken after you\u2019ve explored all other debt consolidation options and sought professional advice. If you are declared bankrupt you are obliged to follow bankruptcy restrictions, your assets may be used by the court to deal with creditors and your credit record will suffer long-term damage.<\/p><p>You can apply for bankruptcy online at <a href=\"https:\/\/www.gov.uk\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">www.gov.co.uk<\/a>, and an \u201cadjudicator\u201d who works for the Insolvency Service will decide if you should be made bankrupt.<\/p><\/li><\/ul><div class=\"did-you-know u-bg--sky-subtle u-rounded--lg\" data-component=\"did-you-know\">\n        <div class=\"did-you-know__block\">\n        <h4 class=\"did-you-know__title\">\n            <span class=\"did-you-know__title-icon\">\n                <svg width=\"32\" height=\"32\" viewbox=\"0 0 32 32\" fill=\"none\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\">\n                    <circle cx=\"16\" cy=\"16\" r=\"12\" fill=\"#00B2FF\"><\/circle>\n                    <path d=\"M17.5 22.5C17.5 22.7967 17.412 23.0867 17.2472 23.3334C17.0824 23.58 16.8481 23.7723 16.574 23.8858C16.2999 23.9993 15.9983 24.0291 15.7074 23.9712C15.4164 23.9133 15.1491 23.7704 14.9393 23.5607C14.7296 23.3509 14.5867 23.0836 14.5288 22.7926C14.471 22.5017 14.5007 22.2001 14.6142 21.926C14.7277 21.6519 14.92 21.4176 15.1667 21.2528C15.4133 21.088 15.7033 21 16 21C16.3978 21 16.7794 21.158 17.0607 21.4393C17.342 21.7206 17.5 22.1022 17.5 22.5ZM16 9C13.2425 9 11 11.0188 11 13.5V14C11 14.2652 11.1054 14.5196 11.2929 14.7071C11.4804 14.8946 11.7348 15 12 15C12.2652 15 12.5196 14.8946 12.7071 14.7071C12.8946 14.5196 13 14.2652 13 14V13.5C13 12.125 14.3463 11 16 11C17.6538 11 19 12.125 19 13.5C19 14.875 17.6538 16 16 16C15.7348 16 15.4804 16.1054 15.2929 16.2929C15.1054 16.4804 15 16.7348 15 17V18C15 18.2652 15.1054 18.5196 15.2929 18.7071C15.4804 18.8946 15.7348 19 16 19C16.2652 19 16.5196 18.8946 16.7071 18.7071C16.8946 18.5196 17 18.2652 17 18V17.91C19.28 17.4913 21 15.6725 21 13.5C21 11.0188 18.7575 9 16 9ZM29 16C29 18.5712 28.2376 21.0846 26.8091 23.2224C25.3807 25.3603 23.3503 27.0265 20.9749 28.0104C18.5995 28.9944 15.9856 29.2518 13.4638 28.7502C10.9421 28.2486 8.6257 27.0105 6.80762 25.1924C4.98953 23.3743 3.75141 21.0579 3.2498 18.5362C2.74819 16.0144 3.00563 13.4006 3.98957 11.0251C4.97351 8.64968 6.63975 6.61935 8.77759 5.1909C10.9154 3.76244 13.4288 3 16 3C19.4467 3.00364 22.7512 4.37445 25.1884 6.81163C27.6256 9.24882 28.9964 12.5533 29 16ZM27 16C27 13.8244 26.3549 11.6977 25.1462 9.88873C23.9375 8.07979 22.2195 6.66989 20.2095 5.83733C18.1995 5.00476 15.9878 4.78692 13.854 5.21136C11.7202 5.6358 9.76021 6.68345 8.22183 8.22183C6.68345 9.7602 5.63581 11.7202 5.21137 13.854C4.78693 15.9878 5.00477 18.1995 5.83733 20.2095C6.66989 22.2195 8.07979 23.9375 9.88873 25.1462C11.6977 26.3549 13.8244 27 16 27C18.9164 26.9967 21.7123 25.8367 23.7745 23.7745C25.8367 21.7123 26.9967 18.9164 27 16Z\" fill=\"#232320\"><\/path>\n                <\/svg>\n            <\/span>\n            <span class=\"did-you-know__title-text\">How can a debt adviser help you?<\/span>\n        <\/h4>\n        <div class=\"did-you-know__content\">\n            <p>A debt adviser can help you find ways to manage your debts, even if you think you have no spare money. Using a debt advice service can make you feel less stressed and anxious, and more in control. What\u2019s more, there are plenty of free services out there \u2013 here are just a few:<\/p><p><strong><a href=\"http:\/\/www.citizensadvice.org.uk\/\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">Citizens Advice<\/a><\/strong><br>Citizens Advice provides free, independent and confidential advice to help people overcome their problems.<\/p><p><strong><a href=\"https:\/\/www.moneyhelper.org.uk\/\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">MoneyHelper (formerly The Money Advice Service)<\/a><\/strong><br>MoneyHelper is an independent service, set up by government. Its services help people manage their money directly through free, impartial guidance. It can advise people with debt problems.<\/p><p><strong><a href=\"http:\/\/www.nationaldebtline.co.uk\/\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">National Debtline<\/a><\/strong><br>National Debtline is a debt advice charity providing free, impartial and confidential debt advice and support for people with money worries and debt problems.<\/p><p><strong><a href=\"http:\/\/www.stepchange.org\/\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">StepChange<\/a><\/strong><br>Formerly the Consumer Credit Counselling Service, StepChange is a charity offering free, confidential advice and debt management support to help people take back control of their finances.<\/p><p><strong><a href=\"http:\/\/themoneycharity.org.uk\/\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">The Money Charity<\/a><\/strong><br>Formerly Credit Action, The Money Charity is a national money education charity aiming to empower people around the UK to make their money go further.<\/p>\n        <\/div>\n    <\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>Learn about how debt works and how you can access professional advice to take control of your finances in this handy guide. <\/p>\n","protected":false},"author":195,"featured_media":84415,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"page-masthead-two-column.php","meta":{"footnotes":""},"tags":[],"class_list":["post-82150","page","type-page","status-publish","has-post-thumbnail","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.9 (Yoast SEO v24.9) - 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