Fewer people will be borrowing in 2010 as more will focus on paying off debts. Research from Datamonitor suggests the credit market will shrink slightly this year but will return to growth in 2011. The business information group predicts gross lending to increase to £25.8bn next year. People who are struggling to keep up with debt management should consider solutions such as an Individual Voluntary Arrangement (IVA). An IVA is available to those with unsecured debts of over £15000. Debt Relief Orders (DRO) can help people owing smaller amounts. Both options allow a person to pay a more manageable monthly amount over a set period before becoming debt free.
Consumer credit market to grow 2011
May 18, 2010 By
