Wednesday 5th of January 2011
Individual voluntary arrangement answers may be sought by an increasing number of people over the coming years, as it has been claimed debt will continue to be a drag for many for the foreseeable future.
Nick Bamford, chief executive of Informed Choice, noted it is going to be more difficult for individuals to clear what they owe over the next couple of years, even in the current low interest rate environment.
The industry figure observed young people - especially students - are likely to encounter financial problems soon.
He explained: "I feel most empathy towards the younger generation who are possibly coming away from higher education and carrying an enormous debt burden with them."
This group is going to struggle to be able to get onto the property ladder, Mr Bamford added.
His comments come after First Direct found 53 per cent of adults in the UK regard failure to pay off debts more quickly as their biggest regret of last year.
By Kimberley Parsons
- 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
- Students working to limit future debt worries?
