Christmas and the New Year always raises those same old resolutions – sort out your health, exercise more, quit smoking, cut down on booze, get a new job, find your true love and oh, sort out your wallet. Debt affects millions of Brits. Credit cards are used to fund Christmas presents, food and parties before last year's bill has been fully settled. Debt management then is something more of us will desperately need – just don't wait until it's too late.

Debt management – Christmas Blues

A survey by a leading financial website has found that one in ten consumers at Christmas time are still repaying debt from the previous Christmas – that's 4.4 million of us in need of debt management solutions. The survey also showed that 9% of consumers took five months to pay off the credit card bill after December's indulgences. Debt is a reality for the majority of Brits now thanks to rising costs of home ownership, student fees at university, and a decade of easy credit. In itself, borrowing money is necessary, without loans we wouldn't be able to invest in property for example or take a career loan to retrain. But what's important is that we have a debt management plan in place to repay the loans. Many people don't and end up taking on more debt than they can chew and at worse spiralling into further debt until they are left with few options – bankruptcy, and even homelessness.

Insolvency reaches record levels

If you find you're one of the millions who don't have a repayment plan, there are debt management schemes available to help you take charge of your debts. Lenders are getting tough, and it's time more of us faced up to our ghosts and debts of Christmas past.  It's estimated that one in ten of us fall further into debt over the Christmas period with the extra costs the festive season demands. Insolvency in the UK is reaching record levels, a debt management plan will help.

Debt management plans vital for festive season

It can be difficult not over extending yourself at Christmas – the pressure for a perfect festive season, to buy beautiful gifts and eat the best food is huge. But the price paid without effective debt management plans can leave a nasty after taste for years to come.

Varden Nuttall has been established for over 15 years and is dedicated to helping people in financial difficulty find a debt management solution through an Individual Voluntary Arrangement (IVA). Employing 90 people, including trained and skilled IVA administrators, we are one of the largest IVA companies in the UK and handle over 3% of all IVA applications. To find out more about the company, or to make an appointment to talk about putting an IVA in place, call us today on 0800 031 9802 or fill in our online enquiry form.