Sunday 19th of December 2010
Those people who are worried they have already let their debts build up to such an extent that they can no longer manage the properly may seek individual voluntary arrangement (IVA) answers in a bid to resolve their financial problems.
David Rodger, managing director of Debt Advice Foundation, said that in these times of uncertainty, individuals need to be prepared for changes that could affect their financial position.
"Redundancy can have a massive impact on household finances, so it's important to plan ahead," he observed.
Mr Rodger noted that by avoiding over-committing to credit, reigning in finances and setting a budget, people can makes sure they have enough cash set aside to support them while they search for another job.
IVA answers may be sought by individuals who are already struggling to put money away due their backlog of debt.
According to the Savings Brake report that was published by unbiased.co.uk, people were putting 10p of every pound they earned towards paying off debt in the third quarter of 2010, down from the 18p recorded in the second three-month period of the year.
By Kimberley Parsons
