Monday 31st of January 2011
Individuals who find their mounting debts are spiralling out of control may need to start asking individual voluntary arrangement questions to see how they can best tackle the problem.
According to David Rodger, managing director of the Debt Advice Foundation, some people are in such a dire predicament with their arrears that they are foregoing making vital payments in order to meet costs.
The industry figure noted: "Families may go without basic essentials, or avoid paying priority bills, as their cash is sucked away by debts."
He pointed out January is usually a particularly hard month for many as the bills of the festive season begin to drop through the letterbox.
People struggle when interest-free periods on store cards that they've maxed-out begin to draw to a close, Mr Rodger added.
His comments come after recent research from MyVoucherCodes.co.uk showed January is the time of year when UK adults are most likely to consider borrowing to help out their monetary situation.
By Chris King
