Financial expert: It's vital consumers tackle debt problems head on
Published On 4 May 2008
A leading personal finance writer has urged people not to try to ignore debts and other financial problems.Personal finance writer Cliff D'Arcy said that it was far better to try to tackle debt as soon as possible, rather than let the problem get worse.
He added: "If you are having problems with meeting your credit card payments … get in touch with your credit card company and your bank, explain the situation, and see if they are willing to freeze the interest or relax your payments so you can try and balance your budget again."
For people in serious debt, Mr D'Arcy said it was important to get the best possible advice before deciding how to tackle the problem.
Recent figures showed that more consumers opted to use an IVA to manage their debt in the first quarter of 2008.
The Insolvency Service reported that 9,614 people took out IVAs in the first three months of the year, up 4.3 per cent on the previous quarter.
