Debt problems harder to pay off
05/01/2011More people struggling with debt problems in the UK could have to resort to a Debt Management Plan (DMP) or an IVA in the future.
That’s because clearing debt could become more difficult for consumers to do in the next couple of years, according to a leading financial planner.
Informed Choice says that each household and every business has got to determine what it can do with the resource it has available.
Chief executive of the firm, Nick Bamford, says even in the current low interest rate environment, people are struggling.
He added that debt strangles the consumer, meaning they can’t make investments to improve matters.
He says: "Debt prevents them from saving in order to get a deposit together to buy a property."
Kevin Still, Director of Atlantic Financial Management says: "Rising essential household costs are eroding disposable income and many people are just servicing the interest on their credit card debt, where rates are currently very high. Repaying high levels of debt with a number of creditors is not easy and often professional debt management support is required." 
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