IVA & Debt Consolidation Advice

An increasing number of people in the UK are now poorer in real terms than they were four years ago, new research has suggested.

According to figures released by accountancy firm Ernst & Young, people are now struggling more with their finances because while average family earnings have increased since 2002, cost of living has soared during the same period.

As a result, Britons are generally poorer than they were in 2002, with less disposable cash and more people suffering and falling into debt. As such, debt consolidation loans now appear more attractive than ever as a way to easily manage the various outgoings faced by the average household.

Tim Sleep, director of retail at Ernst & Young, explained: "Increases in average mortgage payments, coupled with rising fuel prices and massive hikes in utility prices, continue to squeeze the typical UK household."

Debt consolidation is becoming an obvious alternative for many people struggling with the higher cost of living today, as the importance of staying on top of your finances is more important than ever before.

With the margins between income and outgoings getting smaller, debt consolidation loans can provide a useful way to ensure those in debt are making the most of their money.

By taking out debt consolidation loans, people can reduce the danger of losing track of their outgoings and making it harder to keep up every month.