Monday 11th of October 2010
Individual voluntary arrangement (IVA) questions may be useful for Brits who are laden with unsecured debts but want to start saving for the future.
According to new research from NS&I, the number of people who regularly set aside funds has increased to more than 50 per cent of the population for the first time in three years.
In addition, the survey shows the percentage of monthly income people are stashing away has grown to its highest point since winter 2007/08 - 6.98 per cent.
Furthermore, £87.37 is the average amount of money set aside each month, the study finds.
IVA questions could, however, be beneficial for those of you who want to start boosting your coffers but find your unsecured debts are making doing so an extremely difficult task.
The information may show you there is a way to whittle away the balances owed on unsecured financial products that may offer you more control over your finances.
This is because the process merges all of your repayments into one monthly outlay, on which interest and charges are frozen.
Commenting on the statistics, Tim Mack, NS&I savings spokesman, says: "It's great to see that … people are saving a larger percentage of their income by setting themselves specific savings goals.
By Ashley Littley
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