Best debt solution ‘different in each case’

Those with deep debt problems can benefit from taking advice and instigating measures to solve the problem, but the right answer to the difficulties f…

Those with deep debt problems can benefit from taking advice and instigating measures to solve the problem, but the right answer to the difficulties faced by individuals varies from person to person, an expert has said.

Managing director of the Debt Advice Foundation David Rodger listed a "wide variety" of solutions for those whose debt has become unmanageable, including debt management plans, individual voluntary arrangements, bankruptcy and loan consolidation.

"There is no one size fits all solution and the best option depends on the individual's personal circumstances," he stated.

And Mr Rodger emphasised that getting good advice matters, as taking the wrong approach could make the situation even worse.

He concluded: "The amount you owe, your employment status, whether or not you are a homeowner all affect which is the best debt solution for you."

Those who are in debt may wish to discuss their own options and in doing so could take the first steps towards becoming debt free.

Discussing debt management plans earlier this week, managing director of Yvonne Goodwin Wealth Management Yvonne Goodwin said the key is that people should face up to every detail of their problem and deal with it quickly, as the sooner they do, the faster they will get debt free and even be able to start saving for the future.

She warned people not to "bury your head in the sand" or leave envelopes unopened for fear of the contents, stating that failure to tackle problems head-on will only lead to the situation getting worse.

Posted by Paul Thacker
 

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