1 in 4 people in the UK are in danger of falling into financial difficulties - a single shock like their car breaking down will result in them falling behind on bills or credit payments. Getting into debt can lead to a vicious cycle and massive problems - just ask Damo.
For free advice, which we can’t recommend enough if you’ve got debt problems, please check out StepChange: https://www.stepchange.org/.
By the way, Damo refers to the Consumer Credit Counselling Service in this episode. They are now called StepChange.
This is the site Damo mentions (What’s The Cost) but so you know, it’s a slow and old school site: http://whatsthecost.com/.
And this is our ‘how to budget’ episode (budgeting is a key tool for getting out of debt).
✉️ Get a summary from this episode
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This is not financial advice. The reason it’s not financial advice is because it’s not tailored to you. We explain the principles of building wealth but if you want personalised advice, it’s worth speaking to a financial advisor. As with everything financial, please do your own research. We really encourage that because no one cares more about your money than you and if you learn the basics then it will change your life.
S1E9: "I was so ashamed" - Damo reveals he could've gone bankrupt and explains how to get out of debt | Making Money podcast - Listen or read transcript on Metacast
