Sunday 10th of October 2010
Although credit cards are seen by many as being a useful source of quick cash, the products may significantly contribute to money troubles if they are used excessively.
Information on individual voluntary arrangements (IVAs) could, however, offer plenty of answers to those of you who have amassed a serious amount of debt on plastic.
And cash-strapped Britons may now have more inspiration to clear their deficits, following data from the British Bankers Association.
Figures from the organisation show the amount of money outstanding on plastic in the UK has fallen in recent months, with balances dropping by 5.3 per cent to 60.7 billion in August 2010, compared to the year before.
This is despite the number of transactions taking place on cards increasing in the same period of time.
IVA information may, therefore, be beneficial for those of you who have taken the statistics as encouragement to repay money owed on credit cards yourself.
The measure is only available for those who are more than £15,000 in the red and are unemployed, but might provide you with a much-needed opportunity to take control of your finances and finally remove that weighty burden of unsecured debt.
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
- Brits could turn to IVA questions as means of debt advice
