The current economic climate and rising cost of living in the UK means many families are trying to get out of debt, but as we all know, this is easier said than done.
A report by Which? looking into the effects of the economic downturn on people's quality of life has found the average person now spends three hours and 15 minutes a week fretting over their money - equating to one week a year.
Less to spend
The findings come as many households struggle to cope with tightening budgets. Plummeting savings and rising debt levels over the past 12 months mean living standards are now at their lowest since the 1920s.
More people are being forced to take on new forms of debt to make ends meet and almost half of those aged 18 to 29 run out of money every month.
In fact, young people in this age bracket have borne the brunt of the impact on living standards with a fall in purchasing power of twice the national average.
They also have more debt than any other age group owing 47p for every pound they earn, compared to the national average of 21p.
However, people who earn £12,376 or lower every year owe an average of 72p out of every pound they make.
Manage your debt
Keeping a log can help you avoid missing a payment, informing you when each bill needs to be paid.
By looking around for cheaper credit alternatives you can also save money as some offer 0% finance for a 12-month period.
The sooner you face up to your debt, the sooner you can start to improve the situation. It is important to accept that trying to become debt free won't be easy.
Start by making a list of all the debt you owe - including lump sums such as monthly payments - as this will help you know where you stand. Prioritise these debts by putting mortgage and utility bills above credit cards.
Try talking to your creditors as sometimes they can be more understanding than you think and you may be able to reach an agreement to help you get out of debt.
You're not alone
You can always seek guidance on your debt by getting in touch with services like the National Debt Line or Citizens Advice.
These can help you decide what the best route is for you and your family to end what can be a vicious circle of debt.