Thursday 27th of January 2011
People already deep in the red and considering asking individual voluntary arrangement questions to halt their plight may wish to take action sooner rather than later.
This is because managing director at moneymaxim.com Mark Bower has claimed the pressure on household finances is unlikely to improve on a considerable scale in the short-term.
The industry figure pointed to a squeeze on benefits teamed with the VAT increase as evidence for his comments.
He explained: "As food, utility and other household bills have recently increased month-on-month, those without a savings base have found themselves living from day-to-day and even less able to save for larger bills."
Spreading the annual budget out across a whole year has been made even more difficult in recent times, as credit has become more expensive and in shorter supply, Mr Bower added.
Recent research from First Direct showed a significant proportion of the British population counts not taking a longer term view of their money situation among their biggest regrets.
By Hayley Jones
- 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
- IVA answers to be sought by next generation?
