Thursday 20th of January 2011
For people already deep in the red, record fuel prices could be the final straw that forces them to seek individual voluntary arrangement (IVA) answers.
New research from Moneysupermarket.com has shown the rises have had such an effect that many motorists are changing their driving patterns as a result.
But for those who cannot afford to alter their motoring habits and are struggling to keep on top of their debts, asking IVA questions could be a route to consider.
The investigation found 67 per cent of respondents are now travelling less by car as a result of the escalating cost of fuel.
Head of banking at the price comparison website Kevin Mountford said: "With the effects of the VAT rise taking hold and the latest inflation data … fuel is another day to day cost that people are really struggling with."
Earlier in the week, director of Credit Action Richard Talbot suggested paying off debt can be more beneficial than attempting to save money.
By Chris King
- 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
- 42% of adult children 'earning more than parents'
