ACCA offers tips to dodge debt

Its five tips are aimed to stop people from resorting to bankruptcy as consumer credit becomes easier to obtain and debt levels grow.

“Modern society seems to find personal debt more acceptable than was the case in the past. But sooner or later the bill will arrive and has to be paid, with interest,” said John Davies, head of business law at ACCA.

“More of us are finding that it is all too easy to hand over a credit card in payment and forget that a bill from the credit card company will shortly be landing on our doormat.”

Tips from the ACCA include: budget so that spending does not outstrip earnings; get into a saving habit; be wary of taking on more debt or credit; shop around for credit deals; and face up to debt and discuss it with lenders if it becomes a problem.

If bankruptcy does loom, the Individual Voluntary Arrangement (IVA) is recommended as a “middle ground” that avoids the more serious effects of going bankrupt.

In addition to these tips, the ACCA recommends that those in debt contact professionals for advice.

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