Thursday 20th of January 2011
Individual voluntary arrangement questions could be on the lips of many consumers in Britain whose poor spending habits have left them deep in the red.
Richard Talbot, director of Credit Action, has claimed he has seen no evidence to suggest a reduction in trends such as the buy now, pay later culture that has emerged in recent times.
The industry expert suggested the amount of overall borrowing is actually on the increase, with a growth witnessed in the number of payday lenders, pawn brokers and other finance people of that ilk.
He noted: "It would imply actually, that there is still quite a high demand to buy now and pay later."
Mr Talbot added there appears to be a stronger understanding among young people of the importance of accumulating a financial safety net.
His comments come after the HSBC Savings Map of Britain showed 36 per cent of Britons expect to put aside more cash in 2011 than they managed to do last year.
- 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
- '4 years' until disposable income returns to its peak
