Thursday 16th of December 2010
Those Brits who are deep in the red and are no longer prepared to put up with the financial strain may start asking individual voluntary arrangement FAQs in an attempt to wipe their slates clean.
Research published by Lloyds TSB found that 57 per cent of people in the UK are now more positive about how they are handling their money than ever before.
This may be down to awareness of financial matters being at an all-time high, as people could have decided to resolve their own monetary issues in light of the economic downturn.
According to the study, there has been a decline in overdraft usage among Brits, with 46 per cent saying they now use the facility on a far less frequent basis than in previous years.
In addition, the investigation showed a third of individuals have not found it necessary to dip into their overdraft on a single occasion in 2010.
Last week, Ed Bowsher, head of consumer finance at lovemoney.com, noted many people may be unaware of charges for using the facility and how big these amounts can be.
