High levels of debt, including credit card debt, student loans, and personal loans, can lead to feelings of overwhelm and anxiety. So, this Stress Awareness Month Tara Askham, our Financial Wellbeing expert shares her top tips for reducing stress caused by debt.

1. Assess how serious your debt is. It may start with going into your overdraft, but it can easily escalate. Keep an eye on it, don’t ignore it.

2. Create a debt repayment plan: Develop a strategy for paying off debt systematically, prioritising high-interest debt first. Look for ways you can make savings on your outgoings to facilitate this. Are there any old direct debits coming out that you don’t really use anymore? Could you switch to get a better deal on any household bills?

3. Budget effectively: Allocate funds towards debt repayment while still covering essential expenses and saving for the future. Try money saving expert’s budget planner tool.

4. Consider debt consolidation: Explore options such as balance transfer credit cards or debt consolidation loans to streamline payments and potentially lower interest rates. It can be useful to check your credit score too.

5. Seek support: Reach out to credit counselling services or financial advisors for personalised guidance and support. Citizens Advice is a good place to start.

Tara Askham is a certified accountancy lecturer, accountant and former Finance Director.