Drowning in Debt in Your 40s? Here’s How to Start Swimming

You’re in your 40s, juggling work, kids, maybe ageing parents, possibly recovering from a major life shake-up like redundancy or divorce… and debt feels like it’s wrapped around your ankles, dragging you down.

Sound familiar?

First, take a breath. You’re not alone, and you’re not failing. Many people hit their 40s and realise they’ve built a life that looks fine on the outside, but underneath it’s all being propped up by credit cards, overdrafts, car loans, or personal finance stress.

If that’s you, you might feel behind. Embarrassed. Even a bit hopeless.

But here’s the thing no one tells you loudly enough: it’s not too late. You can fix this.

You don’t need to win the lottery or move in with your mum. You just need a plan, some small wins, and the confidence to take the first step.

Let’s walk through how to stop drowning in debt—and start swimming toward solid financial ground.

1. Face the Numbers (Even If You’re Scared)

The first and hardest step? Looking debt squarely in the eye.

Most people avoid this stage like route canal treatment. They think they owe around £10,000… but it’s more like £15,386 once you add up everything. And that knowledge feels too heavy to face.

But knowledge is power. And right now, you need power.

Grab a pen, a spreadsheet, or your budgeting app. List out:

• All your debts (credit cards, overdrafts, loans, Buy Now Pay Later, etc.)
• Balances remaining
• Minimum payments
• Interest rates
• Due dates

Yes, it might sting. But now you have a map. You know what you’re dealing with—and that gives you control. It’s no longer this shadowy “debt monster” lurking in the background. It’s a list. A plan.

And a plan can be changed.

2. Stop the Leak

Before you can start swimming, you’ve got to stop the boat from sinking.

That means preventing new debt from building up while you sort out the old stuff. Here’s how:

• Freeze spending on credit card……literally if needed.
• Slash non-essential spending. You don’t need to live like a monk, but every £50 or £100 saved monthly is extra fuel for your debt repayments.
• Start a mini emergency fund. Even £300–£500 in a separate account can stop surprise costs (like a broken boiler or vet bill) from pushing you back into debt.

This is the “tough love” stage. But it’s temporary. The goal is to create breathing space, financial CPR if you like, so you can focus on real progress.

3. Choose a Repayment Strategy That Works for You

Now that you’ve got clarity and plugged the leaks, it’s time to get methodical.

There are two popular methods to pay off debt, and both can work brilliantly:

The Snowball Method

• Pay off your smallest debt first while making minimum payments on the rest.
• Once that one’s gone, roll its payment onto the next smallest.
• Great for motivation—quick wins = more momentum.

The Avalanche Method

• Focus on the debt with the highest interest rate first.
• This saves you more money in the long run.
• Requires discipline, as early wins may take longer.

Choose the one that fits your personality. If you need motivation and visible progress, go snowball. If you’re driven by efficiency and numbers, avalanche might suit you better. The right method is the one you’ll stick with.

4. Find Hidden Money in Your Budget (or Boost Your Income)

Here’s the deal: you can’t budget your way out of debt forever if your income is stretched to the max. And many people in their 40s are in exactly that boat, high outgoings, flatlining income.

That’s why a short-term income boost can work wonders.

Try this:

• Sell stuff you no longer need: tech, furniture, kids’ gear, clothes.
• Use your skills: tutoring, freelance writing, consulting, odd jobs.
• Side hustle for 3–6 months: food delivery, weekend shifts, pet sitting.

You don’t have to hustle forever—but every extra pound over these months can dramatically speed up your journey.

Let’s say you earn an extra £300/month and put it straight toward your debt. That’s £3,600 in a year. That’s powerful.

5. Get Support – You Don’t Have to Do This Alone

Here’s something most people don’t talk about: financial stress is emotional.

Debt can leave you feeling ashamed, stuck, even paralysed. And in your 40s, asking for help can feel even harder, like you should have it all figured out by now.

But no one succeeds alone.

Whether you work with:

• A financial coach (👋 I know a good one)
• A debt charity like StepChange or National Debtline
• A supportive friend to check in with

Getting help is a sign of strength, not weakness. It keeps you going when motivation dips. It brings perspective when shame creeps in. And sometimes, it reminds you that you’re making more progress than you think.

6. Redefine What “Success” Looks Like (This Bit’s Important)

Here’s a curveball: a big part of getting out of debt is mindset.

In your 40s, you may be comparing yourself to friends who seem to be smashing it financially. Fancy cars. Holidays. “We just remortgaged to fund the extension.”

Meanwhile, you’re trying to work out how to afford petrol and the kid’s school trip.

But financial success isn’t about what others are doing. It’s not even about hitting some perfect number. It’s about having control, peace of mind, and the ability to make choices.

That’s what we’re aiming for.

Forget perfection. Let go of shame. Focus on small daily progress. Celebrate your wins. Even paying off a single £500 credit card is a huge deal, treat it like it is!

You’re Not Drowning—You’re Learning to Swim

Debt in your 40s can feel overwhelming. But it’s not a life sentence—it’s a solvable problem.

With a clear plan, some honest support, and a shift in mindset, you can stop the panic and start rebuilding. It’s not about being perfect, it’s about starting where you are and not giving up.

Because the truth is: your best financial years could still be ahead.

Midlife isn’t too late. It’s the perfect time for a financial reset—grounded in experience, resilience, and the determination to build a better future.

Need a lifeline?

I work with midlife professionals who are ready to stop stressing and start planning. If you’re ready to take control of your money, ditch the debt, and build a life that feels calm, in control, and purposeful—let’s chat.

💬 Book a free 30-minute Discovery Call and let’s start building your Financial Comeback Plan.

Your future self is cheering you on already. Let’s make it happen.