UK consumers are beginning to panic as the country sinks deeper into recession, and shocking numbers opt for formal arrangements like IVA or bankrupcy to manage debt. With increasing job losses, lesser financial security and decreasing disposable incomes - it's time to prepare for an uncertain future. We give you 10 easy tips on what you should do to feel more in control
Alarming numbers of people are opting for Individual Voluntary Arrangement (IVA), as every week
more shocking figures on unemployment and predicted redundancies are revealed.
IVA comparison site IVA.com’s Terry Balfour says, “We are now speaking to people who are
currently managing their debts, but who can’t see how they can stay in control after finding
themselves out of work.”
“These people have been keeping their heads above water and have been maintaining their
mortgage, loan and credit card payments but they don’t believe they will get another job soon
enough to be able to carry on.”
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Dangerous levels of debt
The average level of debt of those entering an IVA, or bankruptcy via IVA.com fell slightly
in September to £46,000 from £47,000 the previous month and is expected to fall in the coming
months as consumers take remedial action sooner rather than later.
With credit card companies tweaking terms and conditions to increase fees and charges, and taking away interest-free periods - and the average level of debt for individuals at over £4,000 - we need to be aware of the spreading debt epidemic.
And Christmas will now enter the equation of our outgoings, as we shop for presents and prepare for winter sales. The time is ripe to make saving a habit, before a formal solution like IVA or worse, bankruptcy, becomes the only solution for your financial situation.
Here are 10 easy steps to becoming financially savvy, and getting on top of your finances.
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