Thursday 1st of April 2010
The extent of Britain’s debt problem has been revealed by Credit Action, which could leave thousands of UK adults asking questions on individual voluntary arrangements (IVAs) to try and regain control of their finances.
Although IVAs can’t help with money owed on overdrafts and mortgages, they can merge together unsecured debts worth more than £15,000, potentially making your finances more manageable.
And according to the latest figures from the money education charity, a huge proportion of us might benefit from seeking IVA answers.
The figures show that the Citizens Advice Bureau deals with 9,500 new debt problems every single day.
Which is unsurprising, given that the amount of cash owed by the average UK adult is £30,328 - 132 per cent of average earnings.
By offering a helping hand with your unsecured debts, IVAs could free up income and make it easier to set aside funds to go towards mortgages and overdrafts.
And eventually, you might find you are no longer contributing to such startling debt statistics each and every month.
Written by Hayley Jones
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