Thursday 25th of November 2010
Individuals who have been forced to rein in their spending over the last couple of years may decide to seek individual voluntary arrangement answers to try and wipe their slates clean and start over again.
Joanna Parsley, associate director of Credit Action, said the financial crisis has put pressure on personal finances and caused people to reconsider their expenditure.
"We know that over the past three years there [has] been a significant increase in the number of people seeking help with their debts," she noted.
Ms Parsley added Credit Action's monthly debt statistics revealed that the average amount households are in the red by has slightly decreased from £8,681 in November 2007 to £8,562 in the same month this year.
Research published by moneysupermarket.com found that the cost of Christmas could result in 3.8 million Brits being plunged into debt as a result of their seasonal spending.
- 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
- Bankruptcy 'is my only option for £6,500 bill'
