Through no fault of their own, consumers across the country may have had to embrace debt in some form just to keep afloat.

Thankfully, there are some tried and tested methods for handling debt and Hannah Byrne, a Manager at Quidco.com, shared some of her insight into what people can do: “List your debts - all of them - including who you owe, how much you owe, minimum or set monthly payments, and when the debt needs to be repaid.

“ If you’re unsure of any of this, you can use a credit report to find up to date figures or call each company individually.

“It’s just as important to keep this up to date as you pay off debt. Checking on progress every couple of months is a good way to keep you motivated as you see the amount go down.”

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Like many commitments, debt can be handled more easily once they are organised and prioritised.

Hannah went on to highlight how this should be done in practice: “Debt is debt - no matter where it’s from.

"However some debt is better paid off first. Credit cards for example often have high interest rates attached to them, so paying those off first is usually a good idea.

If, however, your card(s) is interest free, then it’s worth looking at other avenues and seeing which debt has the highest interest rate to ensure you’re not paying more in interest than your original debt.

As difficult as it may be to do, she also explained that how we think about our finances needs to be reversed if we’re to have a chance of managing our assets effectively: “Keep a tally of your finances budgeting is hard - we know that. And as much as many of us would prefer not to know how much we spend every month, we all need to know that magic number so we can spend and save smarter. Write outgoings down and keep them somewhere prominent - such as on your fridge or a memo board. This will help keep the figure in your mind and make sure saving where you can is at the front of your mind.

“We’re often told to save what we have left over, but reversing this thinking can ensure you pay off your debt sooner rather than later. Work out your necessities such as your bills, set aside an amount per month to pay off, then work out how much is left over for you to spend on life’s little luxuries. You might have to sacrifice a few things, but you’ll be debt-free much sooner!”