Monday 13th of December 2010
Individual voluntary arrangement answers may be sought by Brits who can no longer cope with their financial burden after research revealed half of UK homeowners are struggling to cope with repayments.
According to a study published by NMG Consulting that was commissioned by the Bank of England, 51 per cent of the population are finding it difficult to pay back money they have borrowed.
In order to tackle their troubles, half of individuals have cut back on spending in an attempt to rebalance their finances, while almost one fifth are either working longer hours, or taking on a better-paid or second job.
According to the study, just over a fifth of individuals plan on putting more money to one side in 2011, with the joint main reason for this cited as being to reduce the amount by which they are in the red.
Last week, unbiased.co.uk's Savings Brake report found Brits are currently failing to match the same levels of debt repayments that were recorded earlier this year.
By Ashley Littley
