Thursday 17th of June 2010
Borrowing cash might seem convenient at first, but it can actually create serious problems when things like interest rates start to add up.
Information on individual voluntary arrangements (IVAs) may, therefore, offer a helping hand to those of you who are keen to end your reliance on credit and shore up your finances.
According to Moneyfacts spokesman Darren Cook, unsecured financial products such as personal loans and credit cards have become more expensive in recent times.
If you owe more than £15,000 on such items and are worried about how rising fees may add to your debt issues, embarking on an IVA may be a wise choice.
Clearing your debt in this way could not obstruct your career path in certain professions, as is one of the risks involved with bankruptcy.
IVA information could show you that the form of insolvency freezes the interest on all your unsecured debts.
And it might also answer your questions on how it is possible to have more control over your finances and say goodbye to worries about the cost of credit, despite being lumbered with money troubles.
By Chris King
- 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
- Desperate borrowers may benefit from asking IVA questions
