If you take on too much debt and can’t make your repayments, you could end up in a debt spiral. A debt spiral is when you spend more than you earn, and you borrow money to fill the gap. Over time you’ll end up spending more and more money on debt, and eventually you’ll have nothing left.

What do I need to do?

If you’ve reviewed your spending and made a plan to cut your costs but you still can’t see how you can bring in more money than you need to spend, then you are likely to be facing a difficult time ahead.

The sooner you can get your situation under control the better. You should consider speaking to a free debt counsellor who can help you assess your options. Call one of the following services now, or book a time in your diary to make the call:

Citizens Advice: Full debt and consumer advice service. Many bureaux have specialist caseworkers to deal with any type of debt, including repossessions and negotiation with creditors. Find your nearest CA centre.

StepChange Debt Charity

A full debt help service is available across the UK. Online support is also available via its debt advice tool where you can create a budget and get a personal action plan with practical next steps.

National Debtline

National Debtline provides free advice and resources to help people deal with their debts. Advice is available over the phone, online and via webchat.