This year the cost of living crisis has continued, with many households struggling with rising debt.
According to the Money Charity, UK households had £1.846 billion in debt at the end of October 2023, the latest available figures show. That's an increase of £22.5 billion in a year, or an extra £423 per adult.
The average person in the country has £4,125 in unsecured debt, which doesn't take into account mortgages or secured loans.
Richard Lane, StepChange's director of external affairs, said: 'Our latest poll has shown how difficult the past two years have been for people's finances, with one in four people now saying they will struggle to pay for Christmas this year .
'Combined with the increase in energy bills from January, persistently high interest rates could cause further financial problems for both mortgage holders and tenants well into 2024 and beyond.'
Take stock: The first step in tackling debt is to create a budget of the money coming in and going out
But there is help and advice available for people struggling with debt.
If you're in debt, or worried about someone who is, This Is Money has spoken to experts and rounded up five pieces of advice on how to pay off your debt in 2024.
1. Make a monthly budget
Experts agree that the first step in dealing with debt is to take inventory of the money coming in and going out each month.
Andrew Hagger, of personal finance experts MoneyComms, said: 'Without knowing exactly where you stand financially, it's difficult to make plans.
“People often don't know exactly what they owe, and when they take a chance, they're often nowhere close.”
If you have debt, it's critical to determine exactly how much you owe to which companies, what the repayment terms are, and how much interest you'll be charged.
It's also important to consider what your other fixed costs are, and how much money you're coming in to handle it all.
Money's household budget calculator allows you to enter your salary and fixed expenses to calculate your monthly income and expenses.
2. Can you bring extra cash?
If your normal disposable income cannot cover your debts, you may be able to increase this in the short term.
If you are working, the obvious way is to find a better paying job, seek a promotion or work more hours – although this is not possible for everyone.
You can also try using cashback websites like TopCashback or selling unwanted clothes and household items, StepChange said.
If you have recently seen a drop in income, for example because you are working less or have been made redundant, you may also be entitled to government support.
The government has one benefits calculator This is good if you are entitled to extra financial help.
3. Can you save?
There are many ways to save money, and everything you save can be used to pay off debt.
It can be as simple as shopping at a cheaper supermarket, checking whether you qualify for a social rate on your water bill, gas and electricity costs or broadband, and canceling unnecessary subscriptions.
Hagger said: 'Check if you're still paying unwanted subscriptions, direct debits and the like.'
4. Prioritize refunds
Once you've done all of this, you may be able to pay off all your debt within a few months. But if that doesn't work, StepChange says further steps need to be taken.
Certain types of debt should be given more priority because the consequences of not paying them are more serious than others. This includes your rent, mortgage, energy bill and municipal tax.
Once you've paid off these costs, try to pay the minimum on any debt you have. This ensures that your debts do not increase as interest rates rise.
Once you've accomplished that, focus on paying off the debt with the highest interest and fees first. If you have several different debts, consolidating them into one can help you get a handle on them.
The most popular way to do this is with a credit card with a 0 percent interest rate. These cards charge no interest at all for a limited period of time.
These can help get out of debt, as any balances moved to a 0 percent card will not accrue interest for a period of time.
This allows you to pay off debts without interest rates increasing, meaning you can get out of debt more quickly. Then you must be sure that you can pay off the debt before the end of the 0 percent period, otherwise you will start paying interest again.
Try not to use the card for expenses or cash withdrawals and make sure you make as little repayments as possible, otherwise you could lose the 0 percent interest benefit.
There are a few hurdles to getting a 0 percent card. Hagger said, “Trying to refinance can be difficult. You can still get 0 percent balance credit cards, but you may need to have good credit first.”
First of all, you have to be accepted. The exact terms of these cards vary slightly depending on your financial circumstances, such as your salary, credit score and how much you spend on bills.
But even if a credit card is advertised with 0 percent interest, you may have to pay a fee when you transfer money to it. These are called 'balance transfer fees'.
Some banks offer credit cards without balance transfer fees, such as Barclaycard and HSBC. But again, keep in mind that providers offer different deals to different people.
5. Don't wait to get help
Even if you've tried all of the above and it hasn't worked, you can still get help getting out of debt.
Dean Butler, director of retail direct at Standard Life, said: 'If you're worried about debt, there are resources available to help you.
'MoneyHelper has a lot of guidelines on how to deal with money you owe. For example, there is information to help you determine which debts you should tackle first and the website can refer you to professionals you can talk to for free.'
These organizations may be able to help:
Money Helper – 0800 011 3797 or online
National Debt Line – 0808 808 4000 or online
StepChange – 0800 138 1111 or online
Citizen advice – 0808 223 1133 or online
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