Protect yourself against problems with debt

The Debt Advisory Centre advises people to do what they can to protect themselves against debt problems, after a report from credit reference agency Experian showed that insolvency remains a growing problem for various sectors of society
By: Melanie Taylor
May 26, 2011 - PRLog -- The Debt Advisory Centre has advised people to take steps to protect themselves against problems with debt, after a report from credit reference agency Experian showed that insolvency remains a growing problem for various sectors of society.

Looking at Insolvency Service statistics, Experian found that personal insolvencies amongst the 'married middle class and skilled working class' social group grew faster than any other group in 2010.

The research also showed that families with a history of dependence on welfare payments were also especially vulnerable to insolvency, accounting for 8.1% of overall insolvencies in 2010, despite making up only 4.52% of the population.

An expert at the Debt Advisory Centre commented:

"This research shows how people from all walks of life can be affected by serious debt problems. Some people might assume that it's only less well-off people who get into trouble with debt, but Experian's findings show that problems occur across all sectors of society.

"That's why everyone should do what they can to protect themselves against financial problems. In many cases, all it takes is some simple budgeting or putting money into savings to help people deal with any unexpected costs that might come up. Without this planning, it's easy to fall into debt in a financial emergency.

"Of course, sometimes that's not enough - even with strict budgeting, someone who loses their job could find themselves unable to meet their commitments, for example. If it gets to that point, it's important that people seek expert advice on how to get back in control of their finances.

"There are various solutions that could help people to regain control - a debt management plan or an IVA [Individual Voluntary Arrangement], for example. Struggling borrowers should talk to a professional adviser, who can help them decide which solution is right for them."

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The Debt Advisory Centre offers expert debt advice, as well as a range of debt solutions for people facing financial difficulties.

For more information, visit the Debt Advisory Centre website at www.debtadvisorycentre.co.uk.
End
Source:Melanie Taylor
Email:***@debtadvisorycentre.co.uk
Posted By:***@debtadvisorycentre.co.uk Email Verified
Zip:M50 2GQ
Tags:Debt Management, Iva, Individual Voluntary Arrangement, Experian, Debt Advisory Centre, Www.debtadvisorycentre.co.uk
Industry:Financial
Location:Salford - Manchester, Greater - England
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