For those struggling with debt, it can be hugely stressful for the whole family. The Children’s Society has been campaigning for the government to introduce breathing spaces for those struggling with debt. A private member’s bill is going to Parliament on Friday, so we’ve picked debt trap as our theme for this week’s #MondayMoneyUK.
Our host was David Taylor from Thinking Thrifty, who’s previously written about how his mum’s debts had a huge effect on him as a kid. You can read our pick of the best tweets below or listen to David on Share Radio.
And if you want to encourage your MP to vote yes, you can ask them to support the bill. And you can see if your’s has already committed in this list of MPs who have publicly backed the campaign.
Q1
Q1. What are the early signs of problem debt? @childrensociety #DebtTrap #MondayMoneyUK
— UK Money Bloggers (@UKMoneybloggers) February 20, 2017
@AndyCleverCash Definitely. Robbing Peter to pay Paul is a clear sign for someone struggling. It’s how I found out about PK’s troubles
— Thinking Thrifty (@thinkin_thrifty) February 20, 2017
@thinkin_thrifty @childrensociety Here is a quick 10 Q quiz: https://t.co/RHdCnuFBEn #debttrap #MondayMoneyUK
— Debt Camel (@DebtCamel) February 20, 2017
A1 I’d say when people start borrowing from one lender in a panic to repay another without ever getting out of it = problem #MondayMoneyUK
— Lee Balders (@HomelyEconomics) February 20, 2017
A1 I’d say borrowing money tomeet the payments on money borrowed before, when every month is difficult to afford. #MondayMoneyUK #DebtTrap https://t.co/YhtNA1D0tI
— Faith Archer (@MuchMore_Less) February 20, 2017
@thinkin_thrifty @childrensociety having no idea how much you owe, because you are scared to look #MondayMoneyUk
— FromPenniestoPounds (@FromPenniesto) February 20, 2017
@thinkin_thrifty The knots in the stomach when the post arrives – too many are in utter fear of their finances #DebtTrap #MondayMoneyUK
— Lee Balders (@HomelyEconomics) February 20, 2017
Credit card bills that only grow, no willingness to save, thinking an increased credit limit is a good thing…. https://t.co/gZFIYEIIrO
— Hannah Brice (@HannahLisaBrice) February 20, 2017
Q2
OK guys moving onto Q2. Unexpected costs can be a tipping point into debt. What are some of the ones you’ve faced? #MondayMoneyUk #DebtTrap
— Thinking Thrifty (@thinkin_thrifty) February 20, 2017
A2 Change of life circumstances – divorce, single parenthood, loss of household income. All very common! #DebtTrap #MondayMoneyUK
— Lee Balders (@HomelyEconomics) February 20, 2017
Typically home related. We keep a rainy day fund but it’s hard to know just how much to set aside #MondayMoneyUK #Debttrap https://t.co/GuLhLkNlbU
— Hannah Brice (@HannahLisaBrice) February 20, 2017
@thinkin_thrifty unexpected costs like breakdowns & not having an emergency fund (which you can’t save for as you’re in debt) #MondayMoneyUK
— Naomi Willis (@SkintDad_Naomi) February 20, 2017
@thinkin_thrifty in a horrible #debttrap even trying to buy a cheap pair of shoes to replace one with holes can be a struggle #MondayMoneyUK
— Naomi Willis (@SkintDad_Naomi) February 20, 2017
@thinkin_thrifty car repairs can be a big one. People need them for work so need to pay, & can be a huge bill #DebtTrap #MondayMoneyUK
— FromPenniestoPounds (@FromPenniesto) February 20, 2017
A2 Several unexpected costs together – tricky when I’d finished 1 job, was still applying for others & my flatmate moved out. #MondayMoneyUK https://t.co/A09rUbk5E2
— Faith Archer (@MuchMore_Less) February 20, 2017
@thinkin_thrifty A2 losing control of costs. Happened during our extension, didnt keep control & result was 18k on credit cds #mondaymoneyuk
— Mrs Mummypenny (@MrsMummypennyUK) February 20, 2017
Q3
Q3 on #MondayMoneyUk.. Have you ever faced problem debt and if so how did it affect you and your family life? #DebtTrap @UKMoneybloggers
— Thinking Thrifty (@thinkin_thrifty) February 20, 2017
A3 I did, very suddenly, facing divorce with no income or benefits and a 4k joint overdraft and mortgage. CRAZY STRESS #MondayMoneyUK
— Lee Balders (@HomelyEconomics) February 20, 2017
@thinkin_thrifty yes, it has been a stressful and overwhelming experience. Almost all gone though (March) #DebtTrap #MondayMoneyUK
— FromPenniestoPounds (@FromPenniesto) February 20, 2017
@UKMoneybloggers faced tough debt problems, it brought us closer together as worked as a team to battle it #MondayMoneyUK #debttrap
— Naomi Willis (@SkintDad_Naomi) February 20, 2017
@UKMoneybloggers for the children, we taught them more about money so they wouldn’t make the same mistakes #MondayMoneyUK #debttrap
— Naomi Willis (@SkintDad_Naomi) February 20, 2017
Many are bombarded by threatening letters phone calls + visits from bailiffs distressing for children #MondayMoneyUK https://t.co/5vYdY1CiI8
— Children’s Society (@childrensociety) February 20, 2017
Q4
Q4. What things make it difficult to escape the #DebtTrap? What could organisations and the government do to make it easier? #MondayMoneyUK
— UK Money Bloggers (@UKMoneybloggers) February 20, 2017
@thinkin_thrifty more money for debt & money advice. Debt Advisers in GP surgeries, foodbanks, Childrens Centres #MondayMoneyUK #DebtTrap
— Debt Camel (@DebtCamel) February 20, 2017
A4 Breathing space! You can see which MPs back @childrensociety #DebtTrap bill this Friday #MondayMoneyUK https://t.co/7bVBqg4OOi. My MP https://t.co/MEbavYVIYq
— Andy Webb CleverCash (@AndyCleverCash) February 20, 2017
@thinkin_thrifty @SkintDad_Naomi @HannahLisaBrice ALL creditors – councils, DWP, HMRC, utility cos not just "lenders" #MondayMoneyUK
— Debt Camel (@DebtCamel) February 20, 2017
Q4 Constant overdraft charges and other fines are part of the the vicious cycle. #MondayMoneyUK #DebtTrap
— Lee Balders (@HomelyEconomics) February 20, 2017
The amount of pressure plus continuing charges added to things not paid, how do they think this helps if it can't be paid?! #MondayMoneyUK https://t.co/8vdhCjPSFO
— Cat @ Penny Wise (@pennywiselr) February 20, 2017
@UKMoneybloggers govt MUST put in more funding to support FinEd at community level. Need to show people how to change and why #MondayMoneyUK
— Naomi Willis (@SkintDad_Naomi) February 20, 2017
@thinkin_thrifty more money for debt & money advice. Debt Advisers in GP surgeries, foodbanks, Childrens Centres #MondayMoneyUK #DebtTrap
— Debt Camel (@DebtCamel) February 20, 2017
Q5
Q5 I went off the rails due 2 the debt issues at home. How cn we help prevent mental health problems arising as the result of the #DebtTrap?
— Thinking Thrifty (@thinkin_thrifty) February 20, 2017
A5 There needs to be more funding for debt counseling – ads help get people into debt, maybe tv ad campaign to help them out? #MondayMoneyUK
— Lee Balders (@HomelyEconomics) February 20, 2017
A5 Removing some of the stigma about debt & promoting free debt advice services, so people can seek help sooner. #MondayMoneyUK #debttrap https://t.co/9ZwkWdlbEa
— Faith Archer (@MuchMore_Less) February 20, 2017
Encouraging people to talk about it #debttrap #MondayMoneyUK https://t.co/VvfodZFbgJ
— Cat @ Penny Wise (@pennywiselr) February 20, 2017
They go hand in hand-need better understanding of pressures of #debt on families,esp by GPs and public awareness #DebtTrap #MondayMoneyUK https://t.co/lm1nzKfAuL
— Natalya 🐱 (@Cottage_R) February 20, 2017
@thinkin_thrifty support. People feel like they are alone & the debt is overwhelming, but it can be beaten #DebtTrap #MondayMoneyUK
— FromPenniestoPounds (@FromPenniesto) February 20, 2017
@pennywiselr @UKMoneybloggers I think this is it, talk about it. Come clean about your debt level. And then you can get help #mondaymoneyuk
— Mrs Mummypenny (@MrsMummypennyUK) February 20, 2017
Don't forget to sign the petition to support the #DebtTrap Breathing Spaces campaign #mondaymoneyuk @childrensociety https://t.co/DTvEhRzJ8M
— Andy Webb CleverCash (@AndyCleverCash) February 20, 2017
One thought on “Escaping the Debt Trap | #MondayMoneyUK”
Always so good to hear from the personal finance blogging community on Twitter. Is this the only good thing about Mondays? Probably..