January 'the hardest month' when it comes to debt

A man who racked up £50,000 in debts has said January can be "the hardest month" for people struggling with their finances.

David Davensac, from Rochford in Essex, fell on tough times when he lost his job before the Covid-19 pandemic, meaning he could no longer afford his monthly payments for loans and credit cards.

With the help of a debt relief charity, David says he has got his life back on track and has used his experiences to guide others.

"It was quite a precarious position to be in and not one that I would ever allow myself to get into again," David said.

David had a well-paid job and enjoyed a comfortable lifestyle.

"I got a big thrill out of actually buying something, particularly when it was online," he told the BBC.

"I could justify it in my mind that I was buying a present for a loved one, or that I deserved it, that it was a treat etc.

"But actually what I found was when the item arrived, there was immense feelings of guilt."

David admitted he could not account for much of his spending.

David could afford to pay his debts of about £2,500 every month, but when he lost his job, things changed instantly.

"It was terrifying, just complete fear, driving home that day thinking 'how am I going to be able to pay these?' and it's my fault.

"I felt incredibly foolish and guilty for getting myself into that position."

David said that although debt was hard to deal with at any time of the year, January was "the hardest month" following lots of expenditure for Christmas.

David sought the help of debt charity StepChange, which helped him to consolidate his payments and dealt with his creditors on his behalf.

Simon Trevethick, from the charity, said debt problems could strike at any time.

"Although people do tend to come to us in the new year, this isn't a seasonal problem," he told the BBC.

"More than one in three people in the East of England are struggling to keep up with household bills and credit commitments.

He said their clients wait on average about a year before seeking help, adding: "The sooner that you reach out, the sooner we can help you to get back on that firmer financial footing and look to resolve your debt rather than let it increase."

Four years later, David is debt-free and gets a buzz from saving money, rather than spending it.

"I've got savings, I've got a contingency fund if the boiler bursts," David said.

"It's a good feeling, not only to be in control and not one month away from disaster, but also that I took those steps, possibly when I was at my lowest.

"I'm so relieved I took that first step."

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