Latest Debt News
People reacting better to debt
07/02/2006 13:17:00
Despite recent figures that suggest the UK's personal debt problem is worsening, a leading advisor on debt has claimed there is a silver lining to the clouds that hover overhead.
The number of personal insolvencies reached record levels at the end of 2005, while repossessions were also on the rise.
But, The Debt Advisor's Bev Budsworth believes people who get into debt are now better at seeking help and ensuring they solve their situation, something the massive rise in Individual Voluntary Arrangements (IVAs) demonstrates.
She said: "When you hear of people taking their own lives because of debt, it acts as a jolt for many to take stock and make positive moves to address their own financial misery. Rather than suffer in debt people are seeking a remedy.
"Twenty-five years ago, lifestyles were different and views to money have subtly changed, where credit was seen as debt and debt is now seen as credit as a way of living the celebrity lifestyle. It has come full circle and people are now taking responsibility for their spending habits."
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