To coincide with the launch of its #TalkMoneyWorries campaign, MALG member the Money Advice Service has released new research which identifies the signs people might be in debt to help friends, family members, and creditors spot issues early on.
One in six adults is at risk of crisis debt but less than one in five people access help. A worrying 10% of the population could be suffering in silence with serious money problems.
The signs can be difficult to spot as they may be hidden due to embarrassment to protect friends and family. Common physical, emotional and behavioural symptoms include:
- The have been in debt before
- They have recently had a life event which may result in loss of income or higher spending
- They are living beyond their means
- They seem anxious, withdrawn or depressed
- They are more secretive
- They have changed spending habits
- They seem tired or have trouble sleeping
- Their weight has suddenly changed
Creditors should look out for:
- Changing use of credit card for everyday spending
- Only making minimum repayments
- Approaching spending limits
- Using multiple cards
The three simple steps that family, friends and creditors can take are:
- Start a conversation
- Mention free debt advice
- Use the Money Advice Service
Seeking advice can have a massive positive impact on people’s lives.
For more information visit www.moneyadviceservice.org.uk/debt