Tuesday 6th of April 2010
Seeking individual voluntary arrangement (IVA) answers might be a great idea for those of you who are hooked on plastic, following data published by Credit Action.
Giving you the chance to cut your unsecured credit card debt worth more than £15,000, IVAs can make your finances more manageable and your repayments easier to meet.
Which may well benefit the huge amount of people using these products - and adding to their spiralling debt - each and every day.
According to recent statistics from Credit Action, there are 21.9 million transactions being made on plastic every 24 hours, which corresponds to a whopping total of £1.05 billion.
What’s more, figures from Moneysupermarket.com show 14 million Brits use their credit cards for day-to-day purchases.
Commenting on the findings, credit cards expert at the price comparison website Peter Harrison says: "If you are funding everyday items such as petrol or food and still paying for it long after the product has been used, you should seriously consider stopping."
However, for those unable to kick their credit addiction, IVAs may offer a helping hand and get your finances back on track.
Written by Neil Burton
- House price rise 'may not indicate recovery'
- 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
- An IVA could repair the damage of paying mortgages with credit cards
