Friday 17th of April 2009
Recent months have seen a significant shift towards debt management efforts in the UK, research has revealed.
According to Unbiased.co.uk, 2008 marked the first time in its eight-year study that more money was repaid than borrowed.
The beginning of the year saw 66p being borrowed for every £1 saved, but by the last quarter £1.76 was being paid back for every £1 saved.
Chief executive of the site David Elms noted that last year was one "of two halves" in terms of financial behaviour.
"The financial turmoil which hit Britain last summer prompted a dramatic retreat from savings in favour of starting to pay down personal debt," he said, suggesting that those who are still unable to cope with debt should seek advice - which could include IVA help.
Personal finance magazine Moneywise recently noted that entering into an IVA could be the best option for those who owe a significant amount of money.
- 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
- Those in their 20s 'hit hardest' financially
