Tuesday 30th of November 2010
Individual voluntary arrangement questions may be asked by Brits who have buried their heads in the sand for too long and failed to deal with their debt problems.
According to research carried out by HSBC, there is a mismatch between how Brits feel the recession has impacted them and what they are doing to counter it.
The survey found that over three-quarters of the population believe they are less financially secure heading into the new year, but 68 per cent of individuals are yet to change their spending habits.
"With nearly eight in ten Britons worried and insecure regarding the current economic turmoil you would expect them to be spending and borrowing less and saving more," commented Richard Brown, head of savings at the money lender.
He observed the investigation shows this is not the case and therefore individuals are either trying to see out the recession or have decided to ignore the problem and hope that it goes away.
Mark Bower, managing director at moneymaxim.co.uk, recently stated it is important for people to have a financial safety net in place as it is no longer safe to rely on the state for monetary support.
