Friday 12th of June 2009
A growing number of Britons are reaching the point where their finances are too low to enable them to "get by day to day".
That is the opinion of Chris Tapp, director of charity Credit Action, who observed that many people have been affected by the problems in the economy.
Recent figures from Citizens Advice revealed a 179 per cent rise in enquiries about debt and redundancy, which could indicate an increasing demand for solutions such as individual voluntary arrangements (IVAs).
And Mr Tapp stated that this increase is genuine, with people expressing concern "not because they are a bit more paranoid than they were previously but because unfortunately, more people are in trouble with their finances".
Credit Action’s own figures recently showed the extent to which consumers are being affected by debt problems, with one person in the UK being declared bankrupt or entering into an IVA every 4.35 minutes.
- 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
- Credit card spending trends continue, figures show
