Tuesday 22nd of June 2010
Credit cards remain an extremely popular way of accessing quick cash - both at home and abroad, according to new figures.
Information on individual voluntary arrangements (IVAs) could, however, provide those of you who find it difficult to curb your plastic spending with a way out of your money worries.
Statistics from Saga show some £4 billion was shelled out on cards by Britons over the age of 50 while on holiday last year.
And this may highlight the fact that many people across the country have a serious plastic habit that manifests itself while they’re away from home too.
IVA info might, though, show those of you who have ended up in serious amounts of debt as a result of card spending that there is a way out of your troubles.
IVAs could have you debt-free after around five years of cutting back and meeting the reduced-rate monthly repayments.
And if your situation has become so bad you’re worried about your ability to afford your mortgage, they potentially offer peace of mind by protecting the equity on your family home.
Peace of mind that’s invaluable in this time of economic instability and uncertainty.
By Neil Burton
- 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
- IVAs could help Brits manage high interest rates
