Money worries can feel overwhelming, especially during times of uncertainty. Whether you’re struggling to keep up with existing payments or considering borrowing to get by, you’re not alone. Many people experience financial pressure at some point in their lives, and there is support available.

This guide explains what you can do right now to take control, reduce stress, and find the right help.

Who this guide is for

This guide is for people who are worried about money and are thinking about borrowing, or already have some debt and want to understand their options before taking on more.

If you’re already struggling with multiple debts or missed payments, you may find our more practical step-by-step guide helpful: How to deal with debt.

What do we mean by debt and borrowing?

  • Debt is money you already owe.
  • Borrowing is taking out credit you agree to repay later, usually with interest.

Borrowing can sometimes help with short-term problems, but it can also make things harder if repayments are not affordable.

Need a basic money refresher? Check our Understanding your money guide.
If you’re unsure about any financial terms used here, we recommend this glossary.

Understanding different borrowing options

Not all credit works the same way. Some options are safer and cheaper than others.

Common types of borrowing

  • Credit cards – flexible but costlier if you don’t clear them monthly
  • Overdrafts – easy to use, but charges can accumulate
  • Personal loans – fixed repayments, helpful for budgeting
  • Credit union loans – often lower interest and more supportive. Find a credit union near you.
  • Buy now, pay later – easy but can add up quickly

Always check the total amount you’ll repay, not just the monthly cost.

For information about responsible borrowing and guidance on fair credit, visit Responsible Finance.

If you’re already in debt

When you’re worried about money, it can be tempting to avoid opening letters or checking your bank account. But taking small steps early can make a big difference.

1. Don’t ignore it

Debt doesn’t disappear on its own. Facing it, even if it feels scary, is the first step toward feeling more in control. People often report feeling relief once they start dealing with the situation, even before anything has changed.

2. Focus on priority debts first

Priority debts are the ones with the most serious consequences if left unpaid. They may not be the largest or have the highest interest rate, but they can impact your safety, home, or essential services.

Common priority debts include:

Type of Priority Debt

Why It Matters

Possible Consequences if Unpaid

Rent or mortgage

Keeps you housed

Eviction or repossession

Council tax

Legal requirement

Court action or fines

Gas/electricity

Essential utilities

Disconnection or prepayment meter

TV licence

Legal requirement

Fines

Child maintenance

Legal obligation

Enforcement action

Court fines

Fixed penalties

Bailiff action or additional fines

If you’re unsure what counts as a priority debt, organisations like Citizens Advice, StepChange, or National Debtline can help you work this out for your personal situation.

3. Speak to your creditors

This is often the hardest step emotionally, but it is also the most effective.

Creditors (the people or companies you owe money to) may be able to:

  • Pause or reduce payments
  • Freeze interest
  • Offer temporary repayment plans
  • Direct you to their support or hardship teams

Explain what's changed, for example, reduced hours, job loss, illness, or unexpected expenses. You don’t need to have a full plan before making contact; just opening the conversation helps.

4. Get professional support

You don’t have to manage this alone. Speaking to a debt adviser can help you understand your options and feel more hopeful. Many charities offer free, confidential advice.

A debt adviser can help you:

  • Prioritise your payments
  • Create a budget that works for you
  • Explore repayment options
  • Deal with creditor letters and calls
  • Understand choices like debt relief orders, payment arrangements or breathing space

If you’re thinking about borrowing

When income drops or unexpected costs arise, borrowing can feel like the quickest way to stay afloat. But before taking out credit, it’s important to check whether it’s truly the best option for you.

1. Understand your budget

Before you borrow, get a clear view of your finances.

Ask yourself:

  • How much money is coming in each month?
  • What are your essential expenses?
  • What costs could be reduced or paused?

Creating a simple budget, even on a phone or notebook, can help you understand whether borrowing will solve the problem or add extra pressure later.

2. Check you’re getting all the support available

Before turning to credit, make sure you’ve explored:

  • Any benefits you may be entitled to
  • Support from your employer (welfare funds, hardship grants, flexible working)
  • Council support schemes
  • Help with energy bills, childcare, or housing

Benefits calculators from trusted charities can help you check quickly and confidentially.

3. Use borrowing as a last resort

Borrowing can be useful in some situations, but it isn’t always the best way forward, especially if repayment isn’t guaranteed. If you decide you do need to borrow, it’s important to choose the safest and most affordable option.

If you do need to borrow

If borrowing is unavoidable, make sure you understand:

  • Interest rate & APR: how much the loan truly costs
  • Total repayable amount: the full cost, not just the monthly payment
  • Repayment length: shorter terms may cost less overall
  • Penalties: fees for missed or late payments
  • Flexible options: such as the ability to pause payments if your circumstances change

If something seems unclear, ask the lender to explain it in plain language.

Safer alternatives to high-cost credit

Avoid payday loans, unregulated lenders or loan sharks, they can trap you in a cycle of debt.

Instead, consider:

  • Credit unions (community lenders offering fair, low-interest loans)
  • Responsible finance lenders
  • Budgeting loans (if you receive certain benefits)
  • Employer-supported loans or advances (where available)

You’re not alone, and help is available

Debt is more common than many people realise, and it’s absolutely okay to ask for support. Whether you’re behind on payments, worried about upcoming bills, or unsure about borrowing, talking to someone can help you feel more in control.

Ben is here for you, confidentially and without judgement. If you’d like personalised guidance, emotional support, or help navigating your options, please reach out. You don’t have to face this on your own.

Getting support

If money worries are affecting your wellbeing, support is available.

Whatever you're going through, we're here for you. Don't struggle in silence - contact us today: