Monday 9th of August 2010
Even with the global economy in a precarious situation and millions of citizens with outstanding credit balances, many continue to spend more than ever before.
Information on individual voluntary arrangements (IVAs) may, however, be beneficial for those of you who carry on splashing the cash despite debt problems starting to spiral out of control.
According to R3’s president Steven Law, people nowadays see a holiday as a right instead of a luxury.
However, the insolvency trade body notes how 38 per cent are trying to spend less on their travels this year, while 25 per cent aren’t taking a vacation at all.
IVA information could make a big difference to your financial plans and help get the ball rolling when it comes to reining in spending and starting to budget.
The measure freezes the interest on the cash you owe on personal loans and credit cards - if they’re worth more than £12,000 - and might show you the importance of being prudent and cutting costs.
“With over a million people in the UK struggling with their debts, it’s all too easy to spend now and worry about the future later,” Mr Law adds.
By Kimberley Parsons
- 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
- Struggling homeowners 'should seek advice'
