Aifa suggests key IFA role in reducing debt

Independent Financial Advisors could help those looking to get debt free, according to research covering areas such credit card debt.

The survey, undertaken by the Association of Independent Financial Advisors (AIFA), shows that credit card debt could fall from £2.5 billion to £830 million if consumers sought proper debt help.

It was also noted that advice was needed to protect against unforeseen circumstances, such as illness, indicating that getting debt free can help protect against the unknown.

Director general of AIFA Chris Cummings said: “We’re calling on consumers to use financial advisers for all their financial needs including health protection, debt reduction and savings.”

The levels of consumer debt in the UK has led to AIFA calling three times as many financial advisors to help guide those in debt out of their problems, with schemes such as IVAs and other debt management schemes.