Monday 24th of January 2011
People finding it difficult to keep their finances in check may discover they soon start posing individual voluntary arrangement questions, as it has been claimed the beginning of a new calendar year is a popular time for UK adults to review their money situation.
David Black, Defaqto's insight analyst for banking, said many find the period immediately after Christmas a difficult time as they seek to consolidate their festive spending.
"It is also a good time to make sure that your money works as hard as possible in the year ahead," the industry expert pointed out.
He advised one of the best ways people can ease financial strain during this spell is to shop around for the best deals on products, making sure they take advantage of all the opportunities out there.
Richard Talbot, director of Credit Action, recently suggested the poor spending habits of adults in the UK - that of a buy now, pay later mentality - is contributing to the debt concerns of many.
By Chris King
- Debt consolidation loans falling, figures show
- 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
- Cost of living 'still up' despite inflation fall
