Tuesday 18th of August 2009
An increasing number of Britons choose to ignore their financial problems, rather than face up to them, a new poll has revealed, although seeking individual voluntary arrangement (IVA) advice could be the first step to pay off debt.
The survey by Sainsbury’s Finance found that eight per cent of adults in the UK frequently miss the deadlines for bills, while seven per cent ignore or delay opening envelopes that look like demands for payment.
However, ignoring bills could mean interest charges and late fees pile up. An IVA could freeze the interest on unsecured debt, which may allow households to get back on top of their credit and store card repayments.
A further seven per cent of people admit they delay or ignore opening their bank statements, but undertaking an IVA could give them the financial discipline to ensure their balance is as healthy as possible.
"The current economic climate is only exacerbating many people’s personal financial concerns and our research highlights that there is a huge temptation to stick your head in the sand and hope it all goes away," said Karen Horsburgh, head of Sainsbury’s Money Matters.
Making the first step to seek IVA help could allow individuals to face up to their monetary worries before the problem worsens.
By Hayley Jones
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