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More borrowers in England and Wales have turned to individual voluntary arrangements to repay what they owe, although many people may prefer to clear their debt by other means.
New figures from the ONS have revealed that the divorce rate for England and Wales fell in 2008, one reason for which could have been because of the economic downturn.
The cost of retirement could place a burden on some household finances, but in order to maintain a good standard of living, some Britons may want to raise money without resorting to credit.
Many Britons are unaware of the rule change coming into effect about the minimum age of retirement in April, according to a new report.
The economic downturn has led to some people holding off divorce proceedings because of financial concerns, although selling endowment policies could help ex-couples' assets be split.
A new survey has revealed that some middle and upper-class Britons have had to resort to using credit cards over the past 12 months in order to cover the cost of rent or mortgages.
Many Britons may make a financial resolution for 2010 and decide to improve their monetary standing. This could include clearing credit card and personal loan balances and putting more cash into a savings account for the future.
New figures have revealed that during the third quarter of the year Britons borrowed 32 pence for every pound saved, marking an all-time high for 2009. However, this could leave them facing high repayments in 2010.
The Treasury Committee has asked for an investigation into the credit market to be launched to discover whether people are being penalised for searching for the best deal.
Britons are increasingly seeking financial advice as their debts spiral out of control, statistics have revealed
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