Thursday 23rd of July 2009
Debt management plans may be a wise option for Britons who are worried about their job security and income.
Companies may take advantage of their workforce and introduce cost-cutting measures to rein in expenditure during the recession, the Institute of Employment Rights (IER) said.
Pay freezes are one way this is being done, but this could impact upon "struggling families", Carolyn Jones, director of the IER, stated.
If a household income should be reduced, some Britons may no longer be able to meet all their financial commitments.
A debt management plan can lower the interest on money owed, as well as extending the repayment periods of debt to take some of the financial burden off households.
Ms Jones added: "It seems to me that workers are being asked to pay for a crisis that is not of their making."
Recent research by manufacturing association EEF found that two-thirds of companies in the sector are now freezing pay.
By Chris King
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