Where to Find Free Debt Advice

Reading Time: 4 mins Debt charities have seen a huge spike in people seeking help over the past year. Free debt advice is in high demand as more people face financial difficulties due to the cost of living crisis and energy costs. So, when should you seek debt advice? And where can you find it? When to seek debt … read more

UK’s Debt Crisis has doubled in Pandemic

Reading Time: 3 mins A huge number of UK residents are struggling to keep up with bills and credit commitments, a number which has doubled since the pandemic began. Nearly one in three are in this position, according a new report by the charity StepChange – Falling Behind to Keep Up: The Credit Safety Net and Problem Debt – … read more

One in six people may use a food bank this Christmas and Face Christmas Debt

Reading Time: 2 mins A recent survey of 2,000 people carried out for charity, The Big Give, has revealed that 16% of people in the UK, almost 1 in 6, say they are considering using a food bank this Christmas. This number rises to 37% in London. Food is however only one way people get into debt at Christmas.37% … read more

Help! I’m over 55 and in debt

Reading Time: 8 mins Are you over 55 and in debt? Are you worried you’ll retire before your debts are cleared? You’re not alone. Almost half of over 55s are struggling to clear debts before retirement, according to a survey by the Debt Advisory Centre. Fortunately there are steps you can take to clear your debts in time. Read … read more

Mental Health and Money: How to Stop Debt Overwhelming You

Reading Time: 5 mins When it comes to general anxiety and stress, money is one of the things that can really put us on edge. It’s understandable: money (or lack of it) plays into every part of our lives. Worries over it can lead to the emergence of poor mental health very, very quickly. In fact, the two are … read more

Your Redundancy and Debt Action Plan

Redundancy isn’t an easy time for anyone – and, with so many industries struggling after the COVID-19 pandemic hit, it’s going to affect lots of people in the coming months. That’s why we’ve put together this guide, in partnership with leading charity Turn2Us, to help you plan for redundancy, navigate the process, and make sure … read more

Can I Pay My Debt with Equity Release?

Reading Time: 5 mins There are many reasons for taking out equity release. Maybe you want to travel, or invest in new property, or help out adult children. Alternatively, you might want to free up some money to pay off existing debts.  Here, we’ll think about your options – and weight up some pros and cons if you decide … read more

Should I Remortgage to Pay My Child’s Debts?

Reading Time: 6 mins We frequently get questions at MoneyMagpie from concerned parents who want to help their adult children out. They often want to know how to pay off their child’s debts, without coming into difficulty with the tax office. It’s a subject we’re seeing more frequently now, too, as financially secure parents see their adult children struggle … read more

Should I save or pay off debt? How to decide

Reading Time: 5 mins If you’re in debt – even if it’s only a couple of hundred pounds on a credit card – it can be hard to know whether to pay it all off at once or whether to save your cash. Of course, there isn’t a one size fits all approach to this, as everyone’s debt and … read more

Should You Go Into Debt to Start a Business?

Reading Time: 5 mins As the saying goes you must spend money to make money. This is definitely true when you start a business. Things like registering your business name, website hosting, and creating a space to work from all cost money. Although there are ways to minimise these costs. So, the short answer is yes, expect to go … read more

Why Short-Term Debt Solutions Can Cause Long-Term Headaches

Reading Time: 6 mins There are various forms of short-term debt solutions on offer at the moment, such as mortgage holidays, car finance holidays, and credit card repayment freezes. At first sight they can appear a tempting offer: you get a couple of months of financial relief during this hard time, but are not harming your credit score. It … read more

How to deal with payday loan debt

Reading Time: 4 mins Guest article from StepChange. It’s no secret that payday loans have surged in popularity over recent years. They’re often packaged as a quick and easy way to get the money you need, but in reality they can result in payday loan debt and cause a lot more stress than they’re worth. If you’re struggling with … read more

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