Monday 7th of June 2010
Individual voluntary arrangement (IVA) answers could benefit those of you who are finding it increasingly difficult to get by due to cash owed on credit cards.
According to the latest Credit Action statistics, the total amount of debt on these types of financial products in April stood at £60.1 billion.
In addition, it showed the average credit card limit per person was £5,129 that month.
Furthermore, the collective credit limit was found to be a huge £158 billion.
IVAs may, however, offer a considerable amount of support to people who can’t afford the cost of living because outstanding plastic balances are standing in the way.
While they may not be the ideal option for everybody and require serious amounts of hard work and discipline to complete, they could help you whittle down unsecured debts worth more than £15,000.
And they may teach you to turn your back on the habit of seeking quick and easy credit whenever you want to make a purchase.
After all, credit cards may be convenient, but they might become much less practical once the debts start to mount and spiral out of control.
- 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
- IVAs could be a great way to pay off Christmas debt
