Saturday 18th of December 2010
Individual voluntary arrangement questions may be asked by Brits who feel they can no longer deal with their monetary burden as they face the prospect of unemployment and an increase in VAT in the new year.
David Rodger, managing director of Debt Advice Foundation, said the impending tax rise will cause the coast of living to rise, while there is also a fear individuals will be made redundant.
"[This] means that more and more people will face the burden of unmanageable debt and financial strain," he stated.
Mr Rodger added that new research has suggested that only one in six individuals seek help when they are experiencing financial difficulties.
He stated that many Brits believe there is a negative stigma attached to being in the red and they may be unsure of who they can turn to for monetary advice.
According to the Money Advice Trust, a rise in unemployment could result in two million people seeking debt help in 2011.
By Mark Waterman
- 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
- Borrowing on credit cards 'increased in October'
