In the UK, talking about debt is very much a taboo subject. So why is it that hundreds (if not thousands) of people are flocking to social media to share their first-hand experience of debt and asking for help from strangers about how to pay it off as quickly as possible?
We always compare this phenomenon to health programmes like the iconic Embarrassing Bodies, where a man has had a rash in an unfortunate place for years, hasn’t felt confident enough to see his GP, but he’ll happily show it on TV for millions of people to see. We won’t talk to our friends or family about the debt keeping us up at night but we’ll make content out of it for strangers on the internet. It’s a really interesting concept.
Are people worried about being judged by their family and friends if they share their money worries or debt totals? Is it easier to reveal things to strangers than it is to our inner circle?
Debt reveal trend
There’s a rising trend of debt reveal videos: people finally “coming clean” about debt they’ve accumulated over the years. The majority of these creators admit to overspending on things like clothes, beauty, aesthetics, holidays, etc. The feeling of regret and remorse is evident as they reflect on how their spending habits and living beyond their means have left them in significant debt.
Sarah (@sarahouttridge680) records a moment of realisation: she thought her debt total was around £26k but worked out that her real total sat at £34k+ due to the interest.
“Guys… I’ve been calculating my debt and it’s a lot more than I thought. I was actually calculating what I had borrowed without the added interest.”
Her total interest worked out to be £8,354. That’s the cost of living beyond your means and it must be difficult to reflect and think: was it all worth it?
Another TikTok user @alix_11110 shared a post pleading with the TikTok community to help her with ideas on how to clear her debt quickly, sharing “I’m really drowning in my debt, I don’t know what to do to get it paid quicker. I need help”.
The comment section was jam-packed full of advice for Alix. Some were unhinged, but some sensible ideas as to how she could ditch her debt quickly. We’ve summarised some of the best suggestions below:
“Snowball method“. Gratitude for what you currently have. Thrift. Sacrifice.”
“Cash Budget + Debt Snowball 1000%! My husband and I paid off 3 CCs with no additional income using this method. We also printed off our bank statement and audited where extra money was going- one color for subscriptions, one for food. We spent a sh*t ton on food no lie lol”
“Lock in and make money”
“First thing is to stop living beyond your means”
“Track it. The dopamine from seeing numbers go down will keep you going”
You can track your debt for free in the Financielle app here
Great advice from some users, but it’s also easier said than done when you’re in a debt spiral. If you’ve been burying your head in the sand about your spending habits, taking the first step towards taking back control can be extremely daunting. It’s as much emotional as it is financial.
Advice from Financielle
We would tell these ladies to be kind to themselves. It’s going to take time and effort, but it is possible to live a life free from consumer debt. We help thousands of people achieve this dream each year.
If you’re looking to ditch your debt for good, we’ve got some great reads to get you started.
Content produced by Financielle is for informational and educational purposes only and does not constitute financial advice.