Saturday 13th of November 2010
Brits who are finding it hard to pay off their debts may seek individual voluntary arrangement answers.
Annie Shaw, editor of CashQuestions.com, observed that the economic situation for those who are being made redundant or are not working full-time is "very bad".
"They may actually be getting deeper into debt unfortunately, as they are struggling to pay their bills [and] they may be finding themselves more stretched," Ms Shaw added.
She noted many Brits are now trying to clear the amount they are in the red by attempting to pay off their loans.
The market in the UK is currently split between those with good jobs who can afford to meet their repayments and individuals who are unable to, she observed.
Last week, research by Sainsbury's Finance found the average rates offered on personal loans rose to 14.3 per cent in 2010, up from 13.2 per cent from two years previously.
By Chris King
