Atlantic Financial Management

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Debt management weekly round-up

03/12/2010

Focus this week has centred around the perils of people getting back into debt problems if they don’t stay disciplined when it comes to debt management and seasonal expenditure both on-line and on the high street.

British consumers may say they're worried about debt problems, but the latest research into debt habits reveals they could be mounting once again.

The survey of more than 1,000 UK adults by HSBC, shows more than two thirds of people refuse to change their financial habits, to become more stable.

Yet people holding off making purchases because they currently suffer from debt problems may want to rethink their strategy ahead of the VAT rise in January.

Kevin Still, Director of Atlantic Financial Management says: "What is clear is that debt problems may become more acute as disposable income gets squeezed further."

Debt solutions like a Debt Management Plan or IVA could be taken on with greater regularity in the UK, as the nation slips into higher levels of personal debt.

The latest figures from Credit Action have suggested personal debt growth of 0.8 per cent over the 12 month period, with Brits owing almost £1.5 trillion at the end of October. However, consumer credit provided by Finance & Leasing Association (FLA) members, representing the major finance houses and card issuers, dropped 6% in September 2010 compared with the previous year. Notably credit and store card spending has fallen by 8% and 22% respectively. ADNFCR-2613-ID-19949146-ADNFCR