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Search Results for 'debt'

Money Habits – How to Avoid the Debt Spiral

19th Feb 2024

Sponsored post My dad once said something very simple but wise to me regarding credit card debt: “It’s as easy to pay off your credit card as it is to spend on it – it’s just a matter of habit.” He’s right of course: we might want to treat ourselves once in a while and…

Fee Vs Free: What you get when you pay for debt advice

6th Feb 2024

Sponsored post It should be said, straight-up, that if you need any help or advice regarding debt then contacting the right person comes first and foremost. Hiding away from it can cause even larger issues later down the line, so picking up the phone and making that call is a step in the right direction….

Debunking Myths on Debt: We Smash Five Debt Myths

29th Jan 2024

Sponsored post As the new year is here, lots of headlines state that the average debt per household in the UK is currently sitting at £65,756. This can sound a scary amount, but considering that the literal definition of debt is “to owe money”, this amount can mean mortgages, overdrafts and even ‘buy now pay…

STOP THE SHAME and Tackle the UK’s Spiralling Debt Problem Head On

18th Jan 2024

We are partnering with Debt Charity CMA to help tackle the shame around debt. Recent research shows that the average household debt in the UK is £65,724  and a sizeable £2,409 of that is on credit cards.   Now, considering the fact that 64% of people in the UK have at least one credit card…

How to Stop Debt Overwhelming You

9th Oct 2023

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…

UK’s Debt Crisis has doubled in Pandemic

20th Jan 2022

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 –…

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

29th Nov 2021

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%…

Help! I’m over 55 and in debt

8th May 2021

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…

Your redundancy and debt action plan

3rd Aug 2020

Redundancy isn’t an easy time for anyone – and, with so many industries struggling after the Covid lockdowns, 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 you’re…

Can I Pay My Debt with Equity Release?

27th Jul 2020

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…

Should I Remortgage to Pay My Child’s Debts?

26th Jun 2020

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…

Should I save or pay off debt? How to decide

16th Jun 2020

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…