Saturday 25th of December 2010
People in Britain may wish to encourage forward planning to prevent them struggling with debt in the future.
While those who are currently deep in the red may wish to seek individual voluntary arrangement (IVA) answers to help them get out of their predicament, Alliance Trust Savings has found many individuals are trying to combat debt before it gets out of hand.
The organisation witnessed a rise in the number of people opting to give their children financial gifts, with sales of kid's savings accounts for the three months to November 31st increasing by 48 per cent compared to the previous three months.
Steve Latto, head of pensions at Alliance Trust Savings, said: "Financial gifts for children are a real alternative and provide children with a gift that will kick-start their savings and help secure their financial future."
Meanwhile, those considering asking IVA questions may be forced into the action if an interest rates rise was to occur, as chief executive officer of Firstrung Paul Holmes recently suggested any such increases would be catastrophic for peoples' finances.
By Neil Burton
