Sunday 30th of January 2011
People who are in turmoil with their debts may find they are well advised to seek individual voluntary arrangement (IVA) answers should conditions outside of their control worsen.
And such a move could occur if the nation is to fall into a double-dip recession, as it has been claimed fears of such a plight are starting to mount.
Ian Kernohan, Royal London Assessment Management's economist, noted the sharp fall in consumer confidence has provoked people to turn their attention to the possibility of another economic downturn.
The industry expert observed: "Consumer confidence is not such a good coincident indicator of the economy, however talk of a double-dip will not be calmed until we get clear signal from the February PMIs [Project Management Institutes]."
His comments come after recent research carried out by uSwitch revealed more than 14 million households cut down on their heating last month - the coldest December in 100 years - just to save cash.
By Chris King
- 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
- Financial woe 'spoiling luxury goods spending'
