Summary
As the cost of living rises, more people are facing going into debt. Whether it’s your rent, mortgage, utility bills or credit cards, breaking the cycle of debt isn’t easy.
Who can you go to when you’re struggling to pay your debts? How do you prioritise your spending? Can you even negotiate your debts down? And how can you avoid debt altogether?
Felicity Hannah talks to Chloe, Chris, Manga, Christine and James about their debt woes and wins.
And to help advise and guide us through the world of debt they are joined by:
Amy Taylor, Chair of the Greater Manchester Money Advice Group.
Jayashri Lowe, Money Advice Manager at Citizens Advice Stafford North and Stoke On Trent.
Bola Sol, financial coach and the author of How to Save It: Fix your Finances.
For more information on managing debt: https://www.citizensadvice.org.uk/ https://www.bolasol.co.uk/
Producers: Drew Hyndman and Sylvie Carlos Editor: Emma Rippon
Transcript
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| 0:00.0 | On a winter's night in 1974, a crime took place that would obsess the nation. |
| 0:07.0 | It was an extraordinary news story. |
| 0:09.0 | The story of an aristocrat, Lord Lucan, who's said to have killed the family Nanny, |
| 0:14.0 | mistaking her for his wife, then somehow just disappeared. |
| 0:18.0 | One of the great mysteries in English criminal history. We're still looking for |
| 0:21.7 | Luan. It's honestly one of the most powerful stories of my lifetime. I'm Alex Fontunzelman. This is |
| 0:27.8 | the Lucan Obsession. Listen on BBC Sounds. BBC Sounds, music, radio, podcasts. Welcome to the Moneybox Live podcast, the program about your money. Debt is a normal part of life for many people. It's how a lot of us buy cars or holidays or smooth out those bumpy months and surprise bills. But when it becomes a problem or it starts to spiral, then it can be frightening. Debt can feel overwhelming, |
| 0:55.3 | but you're not alone. Today we're going to hear from people who are struggling with debt |
| 0:59.1 | and those who cleared what they owe and got back into the black. But before we meet today's |
| 1:03.5 | panel of experts, let's go straight to a caller. Chloe is on the line from Merseyside. Chloe, good |
| 1:08.5 | afternoon. Good afternoon, Felicity. Thank you for having me on today. |
| 1:12.7 | Thanks for joining us. So tell me about your situation then. Do you have any debt at the moment? |
| 1:17.7 | So I would say my situation may be way more mild than a lot of other people's situation, |
| 1:24.3 | but from a young person's point of view in this day and age, I think along with |
| 1:29.2 | many other graduates, I am in student deaths, and that's, I mean, a great amount over 40, |
| 1:36.2 | grand, I would say. I haven't even started paying that back yet, so that's probably my |
| 1:41.9 | main concern, and obviously the rising cost of living, |
| 1:46.1 | that's not great at the moment. And I fear that may contribute to landing myself and even more death. |
| 1:53.7 | So your student loan, now obviously, you're not going to pay that back until that, that is taken |
| 1:57.4 | almost like a tax out of your income when you reach a certain income threshold. |
| 2:02.2 | What about at the moment, though? Can I ask about your work? Is your income enough to deal with the |
| 2:07.0 | rising cost of living? So I found work through the government's kickstart scheme. So when I graduated, |
... |
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