Saturday 29th of May 2010
Demand for information on individual voluntary arrangements (IVAs) could be set to rise over the coming months, following the release of new figures.
According to the UK Cards Association, card spending while on holiday abroad in 2009 increased by more than 180 per cent compared to ten years before.
And in 1999 the figure was still substantial - £9.1 billion.
Over-reliance on convenient, money-loaded credit cards whether on holiday or at home, however, could be many people’s downfall this summer, especially if the debts have been mounting up for a while.
IVAs could therefore offer support for Brits who have flashed the plastic for far too long now and are ready to take full control of their finances.
They give those with uncontrollable unsecured debts the chance to get a grip on what they owe, cutting out interest on their deficit and merging their repayments into one.
And IVA info could also show them just how much discipline is needed to stay in the black, as they take around five years and a lot hard work to complete.
"Thanks to their flexibility and convenience, cards have become our preferred travel companion," said Melanie Johnson, chair of The UK Cards Association.
By Ashley Littley
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- Government announces 'breathing space' for those needing IVA help
- Lack of subprime lending creating need for IVA help, expert suggests
- IVA advice may help Brits get back on track
