With car insurance rising by 67% in five years, gas bills rising by 52% and petrol by as much as 33%, according to figures from uSwitch, there is precious little cash to spare at the moment.
But once people fall into the debt trap, it is often a vicious cycle they struggle to get out of and although it can be tempting to go down a quick-fix route like a payday loan, it has entirely the opposite effect.
If you are struggling with the burden of debt, you need a plan to succeed with your financial affairs.
Here are the dos and don'ts of being in debt from the experts:
DON'T bury your head in the sand- the sooner you get advice about your debts, the easier it will be to deal with the situation. Open the bills and letters that come through the post - not facing up to the true extent of your debt will only mean you get more into debt.
DO get some free advice - think carefully before going to a fee-charging adviser when free, independent help is available.
DON'T borrow money to pay off your debts without thinking carefully - always take advice before making this step. Quick fixes like payday lenders are a bad idea, the interest they charge are so extortionate, you will find it extrememly difficult to get out of debt.
DO work out a budget to help decide how much you can put towards repaying debts - a money adviser can help construct a budget, or you can visit www.mymoneysteps.org.
DON'T ignore your priority bills - these are the bills that could land you in court. You might feel that the lender who is likely to turn up at the door is daunting; it is often the failure to pay off council tax that lends people in court. Don't ignore these payments, it is a crime.
Credit Cards & Loans guides
Try our easy-to-use calculators and make your money work harder.
Speak to an adviser
Financial guides and commentaries
Today on Your Money
From the Web