Wednesday 15th of December 2010
People who fear they may be on the verge of losing their job as more redundancies are made may seek individual voluntary arrangement answers to resolve their monetary problems before it is too late.
Joanna Elson, chief executive of the Money Advice Trust, stated that the latest unemployment statistics show 7.2 per cent of the UK population is out of work, compared to the figure of 5.2 per cent recorded three years ago.
She stated that while some sets of statistics can appear to be meaningless, being denied work can have a big effect on people's lives.
"Unemployment is a major cause of personal debt problems in the UK," Ms Elson noted, adding a study carried out by the Legal Services Research centre suggests 145,000 of those being made redundant will be struggling with their financial burden.
Earlier this week, an article on lovemoney.com noted people who are finding it difficult to manage their debt could be able to reach a deal with their creditors.
By Hayley Jones
