Wednesday 14th of April 2010
Asking individual voluntary arrangement (IVA) questions might be beneficial for growing numbers of people at the moment, after Barclaycard revealed credit and debit card spending rose in March.
If you’re hooked on plastic and consequently have to deal with paying back large amounts of unsecured debt every month, IVAs could make it easier for you to manage your finances.
They freeze interest rates on credit cards and personal loans and merge your debts into one, controllable repayment every month.
According to Barclaycard, the amount shelled out on plastic in March was up by 9.2 per cent compared to the year before and a whopping 18 per cent on February’s statistics.
Commenting on the figures, Stuart Neal, head of Barclaycard UK Payment Acceptance, says: "I’d expect to see more increases in card spending into the middle of the year."
Those of you who find yourselves relying on credit and store cards for everyday purchases may well benefit from seeking IVA answers and taking the first step to becoming debt-free and in full control of your money.
By Hayley Jones
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- Equity release 'needs to be increased'
- Need for IVA help could increase as expert predicts reduction in lending
- Government announces 'breathing space' for those needing IVA help
- Lack of subprime lending creating need for IVA help, expert suggests
- American Express 'charges Brits for lack of credit card use'
