In times of austerity and uncertainty over Brexit, it seems people in the UK are racking up more personal debt than ever with the UK owing £1,640 billion at the end of May 2019, according to statistics from The Money Charity. This figure is up from £1,592 billion at the end of May 2018, an extra £922 per UK adult over the year. The statistics also reveal that the average total debt per household, including mortgages was £59,708. The Money Charity also revealed that the average debt, per adult, is £31,099, including mortgages.

With debt mounting for families across the UK, the vicious spiral of borrowing more money to pay off other debts is continuing to worsen. It is believed that public spending cuts, years of wage stagnation, as well as the rise of zero-hours contracts are all significant factors as to Britain’s mounting debt crisis.

Paul Jones of suggests a  few ways you can rid yourself of debt a little quicker:

Get a Credit Card with a Lower Interest Rate

Subject to your credit rating, you may be allowed to apply for a credit card that has a better interest rate than your current card. Even better, you might qualify for welcome zero per cent interest rate for 12 months or 18 months even. Have a look around online and see what zero per cent interest offers are available. It may also be worth finding out what your credit card rating is and there’s plenty of online tools to help you with this.

Pay More than You Have to

You can pay more than the minimum monthly payment on your credit card loans and this could leave you free of credit card debt much quicker. So if you get a work bonus or come into some money another way, think about paying off that credit card a little sooner. If it’s a mortgage payment you’re trying to pay off early, be wary of a prepayment penalty.

Increase your monthly income

This may sound a bit obvious but the more money you can bring in, the easier it will be to manage any debt and mounting financial problems. You don’t necessarily have to get a new job but can you take on extra hours at work, or make some money on the side through a personal venture? Online surveys pay quite well or you could look out for a job in your sector with a higher salary.

Save money for a rainy day

If you’re paying off loans, it might be hard to get your head round actually saving money at the same time but having an emergency fund for the future can be really important. Life events get in the way and things like job losses, car repairs and house maintenance all cost money. Having a little set aside for these things can help you when they do, inevitably come along. The average emergency fund is usually between three and six months wages but this isn’t always realistic so just put aside what you can. Once you’ve paid off that credit card loan, you can put a little more away.

Getting out of debt is by no means impossible. With a little planning and personal discipline, it can be possible to reduce your loans problems behind once and for all.