Sunday 6th of March 2011
People in deep financial trouble - such as those owing more than £15,000 in debts - may try and seek IVA answers to help them out of the mire that their poor monetary handling and savings techniques has landed them in.
Richard Marriott, head of savings at Nationwide, claimed the last couple of years have presented a very tough environment for everybody from a financial point of view.
The industry figure noted: "More people are trying to save what they can and put a little away. Clearly, some people have found that difficult."
He said he and his bank are encouraging people to place to one side whatever they can, as accounts can be opened with just £1, while regular savings can be made from as little as £10 a month.
Ed Bowsher, head of consumer finance at lovemoney.com, recently urged people to sort out their debts at their earliest convenience, rather than trying to boost their coffers.
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
- In-store credit could create debt worries, expert warns
