Wednesday 24th of November 2010
People who have been ignoring their money troubles for too long may decide to start asking individual voluntary arrangement questions after deciding enough is enough.
Michelle Slade, spokeswoman for Moneyfacts.co.uk, said some individuals are burying their heads in the sand and refuse to face the realities of their economic situation.
"Despite the fact that costs have gone up, a lot of people seem to think that they can still have the lifestyle that maybe they have had previously," she noted.
People are choosing to ignore a time of financial difficulty rather than dealing with debt problems, which may have arisen as a result of Brits trying to match the spending habits of friends and family with higher salaries, Ms Slade added.
According to the Financial Planning Survey 2010, which was commissioned by the Institute of Financial Planning, 17 per cent of the population are now constantly worrying about how much money they have.
By Chris King
