Sunday 20th of February 2011
People with considerable debts hoping that work alone can help solve their problems may wish to start seeking individual voluntary arrangement answers instead, as it has been noted many businesses are looking to cut staff hours.
Joshua Bamfield, director at the Centre for Retail Research, said slashing the amount of time people are able to earn money will make life difficult for many employees.
The industry figure said it will be hard for couples who face reductions in either their hours of work or their overtime.
He added: "There are going to be a number of families in that situation this year, which is going to make people feel as though they have got to rein in their spending," he added.
Senior economic adviser to the Ernst & Young ITEM Club Andrew Goodwin recently claimed many consumers are feeling the pinch at the moment as a consequence of their earnings failing to keep up with the escalating rate of inflation.
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
- Brits 'need to review their finances' for the upcoming year
