Brits clueless about debt, study reveals

Mon, 03 Sep 2007

Britons are not clued up when it comes down to knowing their financial terms as new research has shown that 21.7 million people do not know what an individual voluntary arrangement is.

A study by moneysupermarket.com shows that 49 per cent of Brits admitted to not knowing what a voluntary arrangement is although one in ten think they should be more widely available and help to alleviate debt problems .

Head of debt at moneysupermarket.com Tim Moss commented that individual voluntary arrangements are "not to be entered into lightly".

"There are many simple and practical steps people can take to get to grips with their financial situation before taking a drastic step such as declaring bankruptcy or entering into an individual voluntary arrangement," he said.

Debt-ridden consumers should seek independent advice and switch to lower interest rate financial products or seek part-time work, he added.

According to the findings, young people and women are the worst offenders when it comes to not knowing about individual voluntary arrangements.

Managing director of Thomas Charles James Falla commented last week that families in debt should speak to a financial services expert for advice.

add to favouritesnewsletterlink to this pagesend to friendpost comments

Link to this page

Copy and Paste the following HTML into your page.