Friday 28th of January 2011
Many individuals already finding it difficult to keep their debts in check may soon realise their lackadaisical attitude to the wider economy could result in them posing individual voluntary arrangement questions.
John Hughes, director of retail products at the Co-operative Bank, suggested a great number of people appear somewhat ignorant in regards to how the changing Bank of England base rate will affect their finances.
The industry figure noted his company's research has revealed many UK adults are unsure of what the rate actually is - and therefore are unaware how it impacts them.
He added: "There is a lot of national and international economic turbulence at the moment and sometimes I think customers feel that it doesn't affect them - well, the truth is it does."
Earlier in the week, managing director at moneymaxim.com Mark Bower claimed pressure on household finances is unlikely to relent anytime in the near future - which may see people seeking IVA answers sooner rather than later.
By Rachel Powell
- 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
- Bankruptcy 'is my only option for £6,500 bill'
