Monday 31st of January 2011
An increasing number of Britons struggling to keep on top of their debts may soon find they increasingly seek individual voluntary arrangement answers as their predicament worsens.
According to Scottish Provident's Financial Safety Net report, more than 30 million people in Britain believe their standard of living has declined since 2007, which was when the credit crunch first began.
Moreover, just 15 per cent of those questioned claimed their monetary situation improved in this time.
The investigation showed 36 per cent of respondents believe their living standards will decline - either slightly or greatly - by 2013.
Head of marketing at Scottish Provident Susan Barclay said: "The last few years have hit many Britons hard and our figures have underlined how people are generally not showing much optimism ahead of the start of 2013."
John Hughes, director of retail products at the Co-operative Bank, recently suggested many people in the UK are ignorant to how the changing of the Bank of England base rate will directly affect their finances.
By Ashley Littley
- 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
- Individuals 'are not facing up to debt problems'
