My Macmillan

Borrowing money

It’s important to explore other ways of increasing your income or reducing your spending first before you consider borrowing money:

Borrowing to deal with existing debts you can’t repay is rarely a good idea. Talk to a trained debt adviser first about options for dealing with your debts or credit commitments. You can speak to one by contacting StepChange Debt Charity.

If you do borrow money, it makes sense to choose the cheapest type of borrowing.

Whenever you borrow money, you should try to have a clear idea of how you’ll make the repayments. You could use our budget planner to help you do this.

Borrowing tips

You can use this handy budgeting tool to plan for your debt repayments, bills and other expenses and work out how you can make your outgoings match your income.