Monday 30th of March 2009
Debt management or IVA help could be the answer for many consumers during the recession, it has been suggested.
With figures from the Office for National Statistics revealing average earnings including bonuses have fallen to 1991 levels - when records first began - and Land Registry data showing house prices fell by 16.5 per cent over the past year, consumers have been urged to manage their finances effectively.
Getting on top of debts is important in the current economic environment, a spokesperson from Gregory Pennington stated, adding that a debt management plan could be a solution for many people.
"If the borrower simply cannot see themselves repaying their debts in full within a reasonable period of time, then another debt solution such as an IVA (individual voluntary arrangement) may be more appropriate," the official stated.
Recent research from Abbey Credit Cards revealed that debt management techniques are helping some consumers save money.
Cutting back on food spending and entertainment has helped many Britons save £1,700 a year, the survey from the bank showed.
- 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
- State pension proposals 'will adversely affect women'
