Thursday 9th of December 2010
Brits who have allowed themselves to go too far into the red may decide to ask individual voluntary arrangement (IVA) questions in a bid to take control of their finances and sort out their money problems.
George Currie, founder of Debtwatchdog.com, said people who deal with debt themselves are empowered as it forces them to take responsibility for their own difficulties.
"You gain strength and confidence by doing so," he noted, adding seeking knowledge is the way his organisation recommends individuals should tackle their financial situation.
Mr Currie stated that by taking account of all expenditure and outgoings, Brits can take stock of how much of their income they can use to service their debts.
Those people who are deep in the red and have a limited amount of available finance may ask IVA questions in order to consolidate the amounts they owe into one manageable monthly payment.
Research published by Myvouchercodes.co.uk found a third of the population believe they will always owe money to creditors.
By Chris King
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