Monday 7th of March 2011
People who seek IVA answers to help them clear their debts may find the process encourages them to improve their money management.
Jason Riddle, co-founder of Save Our Savers, noted that many individuals who experience financial difficulties attempt to start placing money to one side as a result.
The industry figure stated: "It is not uncommon for people who have been in serious debt, and have experienced the problems and the stress it causes, to want to start saving."
He added one way UK adults could start boosting their coffers after having paid off their arrears is to continue putting the old repayments into a savings account instead.
The self discipline needed to repay a debt and to start saving is the same in both cases, Mr Riddle added.
His comments come after the latest debt statistics from Credit Action revealed that the average household debt, including mortgages, is £57,635.
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?
