Monday 21st of June 2010
British consumers nowadays don’t have to go far to see a cash machine on the street or a chip and pin device in a store and the British Retail Consortium (BRC) believes this could lumber people with serious money issues.
Information on individual voluntary arrangements (IVAs) might, however, offer answers to those of you who are in serious debt as a result of the excessive use of credit cards.
According to the BRC, the rise of non-cash payment methods coupled with high card charges could lead to individuals being hit hard in the pockets.
That’s not to mention the fact that an over-reliance on plastic could have devastating consequences if you can’t afford to pay off your outstanding balance.
IVAs, though, could help if you’re keen to turn your back on credit cards and pull yourself back into the black and out of debt, whittling down your unsecured debts over a period of around five years.
And IVA info may show you that it’s possible to have more control over your finances, as the form of insolvency merges all of your repayments into one every month.
"In the end it’s customers who meet these unfair costs in the prices they pay," comments BRC director general Stephen Robertson.
By Ashley Littley
- 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
- CCCS: More than 90,000 debt help requests in 3 months
