The recession means that more Brits are being encouraged to handle their loans and debts in a more responsible manner, one organisation has claimed.
According to the UK Insolvency Helpline, banks will be able to get their cash flowing again if people offer realistic income and expenditure analysis to show that what they are offering to pay back is acceptable.
The group also believes that a four or five year IVA is a good way for banks to lift consumer confidence and get their share prices up.
Ian Boden-Smyth, money advice coordinator at the UK Insolvency Helpline, said: "People are looking at this credit crunch period as a time for getting out of debt."
He also added that people who have taken out loans "will hopefully have paid off their debt by the time we are predicted to be out of the recession".
Research from Sainsbury's Finance recently revealed that 44 per cent of people do not think they will have cleared their Christmas debt within a month.
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