Tuesday 27th of July 2010
Britons who want to take full control of their finances in the aftermath of the recession may be more keen than ever to avoid using credit cards and personal loans as convenient, but dangerous solutions to their money troubles.
And researching information on individual voluntary arrangements (IVAs) could be one way of finding out how to get out of the red and turn your back on your unsecured debts.
According to new figures from the Finance and Leasing Association (FLA), consumers used eight per cent less credit in the 12 months leading up to May when compared to the year before.
In addition, they show take up of unsecured loans dropped by 45 per cent in the same period of time.
Embarking on an IVA could be a sensible move for those of you who have cut down on the amount of credit you’re using and now want to wipe out the debts you’ve amassed on unsecured financial products.
And IVA information may show you that despite the high level of discipline and hard work required to complete the measure, it offers you a way of significantly easing your money worries.
"In uncertain economic times, consumers want to take even more control over their financial commitments," says Fiona Hoyle, FLA head of consumer finance.
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
- Holidaymakers could pay off summer debts with an IVA
