Friday 24th of September 2010
People living in London are more concerned about their levels of debt than residents of any other part of the UK, research has indicated.
Insolvency trade body R3 found almost half of those in the capital are worried about the amount they owe.
Individual voluntary arrangements (IVAs) could offer a way out of trouble for those affected, with the study showing 40 per cent of people in the country as a whole are anxious about the issue.
The solution is available to those who owe more than £15,000 and can allow the debt to be wiped clean after five years, although it requires hard work and dedication.
R3 president Steven Law observed owing money has become a "fact of adult life" for many, but suggested this can lead to "years of worries about financial stability".
"People who feel that they are struggling with personal debt should seek professional advice on managing their household budget early," he added.
By Ashley Littley
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