Friday 28th of August 2009
The recession should have resulted in consumers taking more care over their finances, a claim suggests, which could include receiving individual voluntary arrangement (IVA) advice sooner rather than later.
According to uSwitch.com, every change counts, whether it is forgoing big breaks abroad in favour of a small UK holiday or switching to supermarket own brand products.
However, for some households, significant action will be required to get finances out of the red and one way this could be done is through an IVA. A financial expert will communicate with creditors and reassure them they will get the money they are owed.
With this burden taken off cash-concerned consumers, they may have more time to sit down and draw up all the small changes that could add up to big savings.
"Consumers really do need to take action and an easy place to start is to make sure they are getting the best deal from all of their providers, from energy to credit cards right down to current accounts," Louise Bond, personal finance expert at uSwitch.com, advises.
A previous survey by uSwitch.com found that 78 per cent of consumers claimed they would change their financial behaviour during the continuing recession.
By Hayley Jones
- 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
- IVAs could wipe out lingering store card debts
