Tuesday 15th of February 2011
Parents experiencing severe debt problems may wish to try and sort out their day-to-day expenses in order to prevent their financial troubles becoming even worse.
But for those eager for a way out of the mire, asking individual voluntary arrangement (IVA) questions could help them realise whether or not an IVA is suitable for them.
Martin Bamford, chartered financial planner and managing director at Informed Choice, has claimed it is very important for mothers and fathers to start budgeting responsibly.
The industry figure noted: "This can mean reducing your committed expenditure on items that might be defined as luxuries, focusing your income on necessities and also saving for future capital expenses."
He added budgeting for child-related expenses needs to be considered in the context of overall household spending.
The Consumer Credit Counselling Service recently revealed a significant upturn in the amount of people seeking debt help online last month when compared to figures recorded in 2010.
By Ashley Littley
