Everyone’s financial circumstances are different. Even for those people who find they are facing the burden of mounting debt, the factors that lead them into this situation are personal. The issues may not be unique to them but there is no one size fits all debt solution. Experienced debt advisors will be able to recognize which solutions on the UK market are best suited to your circumstances but there is no hard and fast rule; every debt problem must be judged on its own merit.
With this in mind, it’s impossible to say which the best debt solution is. After all, what’s clearly the best solution to someone’s debt problem cannot be the best solution for someone else, facing a different set of financial circumstances. For example, bankruptcy is the most severe debt solution on the market. If you rent your property and your debt problem is advanced enough to warrant bankruptcy, then it could be the best debt solution for you. However, homeowners in a similar situation might find that an IVA is the best debt solution for them as it may just require them to relinquish some equity.
For the individual, there will definitely be the best debt solution for their situation and a dedicated debt advisor will be able to help them decide which it is. Generally speaking though, it’s impossible to say that one debt solution< is any better than any other because they are designed to cater to people with different levels of debt and with varying abilities to manage repayment. It’s important to talk to a debt advisor who has the experience to guide you through your options and help you to decide which the best debt solution is for you.
It is true that the sooner you face up to your debt problem, the better your chances of solving it with the minimum amount of upheaval. So, it could be argued that the best debt solution is simply to get some timely advice that allows you to take control of your spending before it turns into a debt problem.