Wednesday 9th of March 2011
People already deep in the red and considering asking IVA questions to help sort out their finances may find their money matters soon suffer as a result of the government's planned reforms.
Credit Action has claimed that the measures announced by the coalition in the past months will result in 45 significant changes coming into force, which are likely to have a considerable impact on a person's finances.
The national money education charity said these alterations include areas such as national insurance, tax thresholds, tax credits, child benefit and fuel duty.
Joanna Presley, associate director of Credit Action, said: "Changes to tax and welfare benefits coupled with rising energy and food prices … mean that household budgets in 2011 will continue to be squeezed."
Earlier in the month, David Coombs, manager of the Rathbone Multi Assets Portfolios, warned that the UK may be in danger of sliding back into a double-dip recession.
By Hayley Jones
- 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
- An interest rates rise 'would be catastrophic'
