Monday 1st of March 2010
A journalist who is currently juggling large amounts of debt has described her relationship with her overdraft as "all-consuming".
Liz Jones, writing in the Daily Mail, says her overdraft ’saps her strength’ and if you are also in serious debt then you may agree with the burden you carry around as a result, although an individual voluntary arrangement (IVA) could take some of the pressure off.
Revealing the state of her finances, the reporter says she has an £8,000 overdraft at Santander, a £15,000 overdraft limit at NatWest and a variety of credit cards with debts ranging from £1,000 to £19,000.
Those of you who also have debt on a number of credit cards and who find it difficult, if not impossible, to keep on top of repayments can merge such borrowings together with an IVA.
An IVA can also freeze the interest rates on credit card debt, making repayments more manageable for those of you in a similar position to Ms Jones.
Commenting on her debt, she says: "Madness, I know. But I have become so used to being in debt I see the overdraft facility as my money."
If this sounds like you, you may want to start getting your questions on IVAs answered.
By Ashley Littley
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