Saturday 5th of February 2011
People currently finding it difficult to keep their head above water in regards to mounting debts may find asking individual voluntary arrangement questions could act as a lifeboat to ease their problems.
This is because R3 has claimed the worst is not over for debtors - as a number of factors are likely to have a negative affect on their monetary situation in the coming months.
President of the organisation Steven Law said: "Inflation, the rise in the cost of fuel and the increase in VAT means that the cost of living has risen at a time when most of us are experiencing pay freezes."
The industry figure noted more than a third of those struggling with arrears were finding the going tough because of credit card debts, while one in six admitted it was because they have been having difficulties keeping up with mortgage repayments.
Earlier in the week, figures from Moneyfacts revealed credit cards have reached a 13-year high as a result of an upward trend triggered by the onset of the credit crunch in 2006.
By Rachel Powell
