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Kanye West

The advice Kanye West should take

Hip-hop mogul Kanye West has revealed he is $53 million in debt – and has appealed to Facebook founder Mark Zuckerberg for a billion dollars to help him out. This isn’t a sentence I expected to type today, but it goes to show anyone can feel affected by financial troubles. If Yeezy finds his pleas fall on deaf ears though, there are some things he can do instead.

Debt can affect many of us, but there is a way out that doesn’t involve buttering up billionaires. Free debt advice helps hundreds of thousands of people find a way to manage their money every year and if you’re feeling worried, why don’t you join them?

So, if we had Kanye West in front of us right now, being the financial fiends we are, we wouldn’t be asking for an autograph, or to meet Kim Kardashian. Rather, we’d be telling him to do these two things.

Kanye’s two-point debt plan

1. Prioritise his debts

It’s very easy to feel overwhelmed if you have owe different pools of money to different people. But taking a step back and knowing which of these are priority debts is important.

Priority debts are the ones that carry the most serious consequences of not paying them. These include your mortgage or rent; Council Tax and energy bills. The consequences of these are having your heating or lighting cut off; losing your home or becoming bankrupt because you haven’t paid your tax bills.

Don’t worry, this doesn’t happen all of a sudden – but it’s good to be aware of which debts to consider first.

Try to take stock of your borrowing without borrowing any more. As financial blogger Disease Called Debt told us ‘budgeting and living frugally can actually be enjoyable – I love getting a good deal or repurposing my things’. Disease Called Debt got out of debts of more than £41,000 in 22 months – what a lady.

2. Get free debt advice

Even confident hip-hop stars may baulk at the idea of talking one to one about debt problems. But debt advisors can be a lot more helpful than Mark Zuckerberg when giving debt advice – we promise.

More than eight out of ten people who have got debt advice tell us they feel less stressed or anxious and more in control of their life again afterwards. That’s a higher proportion of people than have listened to Kanye’s Glastonbury headline act all the way through.

There are tons of free, confidential places around the country you can get debt advice from. These places are run by trained professionals who know what they’re talking about.  Don’t feel alone, because you aren’t.

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