Thursday 16th of December 2010
Individuals who are currently living on their own with their children may start seeking individual voluntary arrangement answers in order to solve their monetary problems and start again.
Mark Bower, managing director at moneymaxim.co.uk, said single parent families and young people are experiencing a greater amount of distress in relation to their finances.
"[This is] mainly due to them having a lower savings or asset base to fall back upon as their available income falls and prices rise faster than their income growth," he stated.
Mr Bower noted despite younger people being more concerned about their debt burden, they are optimistic about their chances of saving money in the future.
He stated this is most likely down to a belief they will be given opportunities to progress through their career or find another way to accumulate a financial safety net.
According to statistics released by Credit Action, the total level of personal debt in the UK stands at £1,452 billion.
By Chris King
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