Monday 31st of January 2011
People already in grave financial difficulty who fail to keep on top of their expenditure could find 2011 is the year they decide to seek individual voluntary arrangement (IVA) answers.
The Post Office Consumer Credit Report has found many individuals believe their spending will increase this year when compared to last.
While it was found 52 per cent of credit card holders expect to part with the same amount of money in 2011 as they did in 2010, 2.4 million people said they will increase their outlay.
Indeed, 32 per cent claimed they are likely to up their spending by £100 a month, while 17 per cent predicted they might raise their expenditure to the £200 mark every four weeks.
And people in arrears may soon start asking IVA questions if the UK falls into a double dip recession, which is something many UK adults are scared of, Royal London Assessment Management's economist Ian Kernohan recently claimed.
By Hayley Jones
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- Britons 'changing attitudes' towards debt management
- Homeowners 'more concerned with debt management'
- Low interest rate 'contributing to debt management efforts'
- Debt management growing in importance, survey finds
- 10% of insolvencies 'among married and middle aged'
