Tuesday 16th of June 2009
Consumers who are struggling with debt have been advised to consider solutions other than bankruptcy.
An increasing number of people are attempting to find relief from obligations such as credit card bills since the onset of the recession, eComparison notes.
The price comparison site explained that while bankruptcy is the best option for some, those who are still in work and willing to change their lifestyle may be able to avoid it.
It highlighted debt management plans as a key way to avoid being declared bankrupt, recommending that borrowers seek help from experts, while IVA advice is also available.
"Instead of assuming bankruptcy is your only alternative, take the time to get some good advice and make sure you are doing the right thing," the portal concluded.
Last week, mortgage broker Alexander Hall noted that banks are likely to increase interest rates in the near future, which could mean debt management plans are needed by those struggling to meet repayments.
- Alternatives to bankruptcy available, expert notes
- Bankruptcy 'should be a last resort' to tackle debt management issues
- Bankruptcy 'has improved attitude towards debt'
- Insolvency levels rising, figures show
- Negative equity leading to bankruptcy increase, says expert
- Government reform could speed up bankruptcy process
