Lee is 49 and lives in London with his long-term partner. He grew up in a family where debt was a normal part of everyday life, shaping his own relationship with borrowing.
During a period of depression, Lee began spending to make himself feel better. His borrowing eventually grew to between 10 and 12 loans and credit card accounts, with almost half of his monthly repayments going towards interest.
“I had multiple loans, credit cards and lines of credit open, didn’t know where to turn and was using one to pay off another. I was just trapped in this debt spiral that I just couldn’t get out of.”
Lee entered a Debt Management Plan and had to learn to manage without credit. He also experienced shame about being in financial difficulty while in his forties and earning a good salary. With support from his partner, he followed a strict budget, changed his financial habits and steadily reduced his outstanding balances.
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