Friday 4th of June 2010
Britons are content with falling into debt if it means they can go on holiday, new research shows.
Seeking information on IVAs could, therefore, be a wise choice if you’re not taking your financial responsibilities seriously enough.
According to figures from Lonely Planet, 35 per cent of those quizzed said they would put the cost of a vacation on a credit card, while 10 per cent would use a loan to take the trip.
IVAs, however, have the potential to help you out of the debt you have left yourself in and demonstrate the importance of taking responsibility for your money.
They may leave you debt-free after a series of reduced-rate monthly repayments over a sustained period of time, which replace your outstanding balances, even if you owe cash to a number of different creditors.
And info on IVAs may also show you that managing your money well while staying in the black is the best way to free up funds for a jaunt abroad.
Just like the 61 per cent who told Lonely Planet they spend less and save up when they want to go jet setting.
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
- Lenders growing cautious, expert notes
