Wednesday 2nd of March 2011
IVA questions could be on the minds of many people in the UK who are finding credit card debt is exacerbating their already critical financial position.
According to new research from Gocompare.com, 22 per cent of consumers will carry arrears on their plastic throughout 2011.
The study found seven per cent will still be paying in June and beyond for money owed for last Christmas.
Moreover, it was revealed just 14 per cent of those questioned switched credit cards in 2010, while 12 per cent admitted they have never changed their provider.
Business development director at Gocompare.com John Miles said: "The nation's credit card debt is now around £61 billion with around 70 per cent of that bearing interest."
A recent survey conducted by moneysupermarket.com showed many people in Britain are throwing away money, with individuals wasting a collective £2.3 billion every year because they are accruing unnecessary interest on their plastic.
By Chris King
