Tuesday 4th of August 2009
More residents in the UK who are feeling their finances get further stretched are turning to own-label produce in supermarkets as part of a bid to limit their expenditure. However, for those with higher levels of debt, more decisive action may need to be taken.
An individual voluntary arrangement (IVA) is one option that could be open to certain consumers hoping to regain control of their finances.
Nonetheless, effective budgeting at every level, including on the weekly shop, can help consumers to be in more control of their weekly spend.
Aside from switching to store brands, consumers are also doing more to compare prices before they buy and are using money off vouchers to make sure their weekly spend is as low as possible, the findings from uSwitch show.
Rumina Hassam from the organisation said: "In the face of uncertain economic forecasts, continued volatility in the housing market and worrying increases in national unemployment, Brits are making savvy cutbacks to their fundamental spending routine to beat the recession at its own game."
But if debts are continuing to mount up despite making efforts to limit expenditure on a personal level, opting for debt management help may be wise. An IVA, which can help to reduce repayments to a more manageable level, is one such option available to consumers.
By Neil Burton
- House price rise 'may not indicate recovery'
- Equity release 'needs to be increased'
- Need for IVA help could increase as expert predicts reduction in lending
- Government announces 'breathing space' for those needing IVA help
- Lack of subprime lending creating need for IVA help, expert suggests
- IVA questions could put a halt to spiralling debt
