Debt is one of those subjects that historically has been rarely discussed in public and some don't even discuss with their families or partners, but why? It's such a taboo subject but it's important to talk about it and try and help others in a similar situation. 

In the UK, more and more people are opening up to their friends, families or online personal finance communities about their finances, some even writing to their local MPs to raise in parliment given the ridiculous rise in the cost of living whilst wages remain the same, or those that have risen, haven't risen enough in line with inflation - leading to more borrowing overall. 

As of August 2023, The Money Charity stated that UK personal debt stood at £1,846.5 billion, up £35.1 billion versus August 2022. This is, on average, an increase of £660 per UK adult, over the year. When it comes to consumers have no other option than to declare themselves insolvent or bankrupt, one person every 5 minutes and 30 seconds took this step between July and September 2023 in England or Wales, totalling 262 people per day. 

The cost of living crisis has also been hit with a steep rise in mortgage interest rates since November 2021, with average mortgage interest rates increasing from circa 2%, all the way upwards of 6%, as reported by The Times, which is a big increase in consumers monthly payments. In turn, a property was repossessed every 3 hours and 35 minutes in April to June 2023, which is 6.7 households losing their home every single day, all of which is likely resulting in a subsequent rise in a mental health crisis across the country.

We all know that it is difficult to talk about our mental health at the best of times, but even more so when it is debt related because of the stigma around both. 

Debt comes in many formats including credit cards, overdrafts and loans just to name a few and, given that it is so easy to access these offers, many apply and spend outside of their means without thinking of how to pay it back, which leads me on to my journey.

Back in November 2019 I sat down and looked at my finances. I was £24.5K in debt from credit cards, family loans, bank overdraft, car finance and student loan (this isn't always included in a list of debts due to the repayment and wipe system ,but I only had just over £5K to pay so added it to my list). I am very lucky in that I bought my first home at 22 but, with that comes the need to purchase new furniture and this is where the credit cards begin to add up. Fast forward a couple of years, I sold the apartment and moved into a lovely house with my partner, adding more things to the credit cards without fully paying off the balance from the previous two years. 

I found the debt free community one day on instagram by finding a personal finance blog under the name @wannabedebtfree, who paid off £16K in one year! I was fascinated that someone could do that and also motivated to start the journey for myself. Not long after, I created an anonymous instagram under the alias of 'Journey Back to the Black', where I started posting about my debt, spends and ways I was trying to make and save money. What I soon found is that there is a HUGE debt free community both on Instagram and Facebook which is great for motivation and inspiration. 

By that Christmas I had set out a budget for each month and was leaving all leftover cash in my bank account to try and clear that pesky student overdraft. My estimated debt free date at this point was June 2023, and I wasn't happy about that. When I started this journey, I would be £2K in my overdraft before every payday which then wouldn't even get me out of the negative. It was bringing me down so much and affecting my mental health. I was worried about the future, being able to afford children and also just not being able to be independent without these different financial credit products. 

Fast forward to 2022 and I had cleared that entire debt total and it felt SO good! Despite that feeling, I find myself back at the starting line with £28.7k of combined debt to clear with Mr B. This is across five 0% credit cards and one small family loan. Whilst it wasn't big and clever getting back into debt, I do feel like our relationship with money has changed completely. Long gone are the days of buying the weekly shop and takeaways on a credit card and not paying it back. The high figure is the result of moving into our forever home and needing some emergency fixes and more importantly, our dream wedding followed by the most magical honeymoon. 

The thing is, I've done this before and I sure as hell know that I can do it again, alongside my fabulous hubby! Our current debt free date is October 2027 but we aim to bring this forward a couple of years, if not more through having a strict budget and side-hustling to the max! We've said 'yes' an awful lot this year, but now it's time to learn to say 'no' a little more often to things such as holidays and new clothes, knowing that the short term sacrifice will be a long term gain.

I know we are just at the start of journey number two, and that there is a long was to go to clear the debt but we have a plan in place to combat our way to financial freedom.

So, that's my financial worries out on a plate. I was super nervous about writing this post, given that I'd already been on this journey and fell back into the debt cycle after clearing it complete and again, because debt seems to be such a taboo subject - but why? 

I'll pop some of my favourite resources below and will continue to use this platform as a way to write about our journey, goals, achievements and, no doubt, downfalls along the way. If there is anything else that you would like to know, please ask away in the comments or through one of my social channels!