Beat depressing Blue Monday by owning up to debt, experts say

Tomorrow is ‘Blue Monday’ – supposedly the most depressing day of the year with money worries a key contributor.

Financial experts say confiding in others is the first step to climbing out of difficulty.

Becky O’Connor, personal finance specialist at insurer Royal London, says: ‘Debt can quickly become unmanageable and it can happen to anyone. People find it hard to open up, so they need to be encouraged to do so.’

She says listeners should be empathetic and ‘solutions-focused’ rather than be judgmental, shocked or offer a bail-out.

Charity worker Jenny Taylor quickly took this on board when her mum finally confessed mortgage problems when she was three days from losing her home. 

The loan’s term was ending with £100,000 outstanding, but her mother failed to act. 

Jenny says: ‘I was upset she’d gone through this by herself. She was embarrassed and confused.’ Jenny helped her to scrutinise the paperwork and stave off repossession.

She is now arranging power of attorney to help her mother if she is unable to look after her finances in the future. She has also sought equity release quotes so her mum can remain in the property and fund her retirement.

Jenny adds: ‘I always presumed my intelligent mum had a good grasp of finances but clearly not. If we all talked about money more, these situations might be easier.’

Further help from mind.org.uk and nationaldebtline.org (0808 8084000).