Tuesday 1st of June 2010
Credit card debt is a big problem across the UK, with many consumers feeling it’s impossible to get rid of their financial burdens quickly and easily.
Information on individual voluntary arrangements (IVAs) could, however, offer a helping hand to those struggling to deal with the vast amount of money they owe to various lenders.
According to figures from Central Bank, people in Ireland could be in need of assistance too.
The Irish establishment showed it issued some 2.14 million credit cards in April alone.
IVAs provide people with the chance to clear their debts over a number of years, merging all of the money owed to various creditors into one, reduced-rate monthly repayment.
And they could be needed more than ever by Irish residents, as the data showed although plastic users managed to repay €811 million (£676 million) last month, there was another €800 million put back on the cards in the same period of time.
IVA info could therefore demonstrate how important it is to keep on top of your debts and ensure you’re able to pay back everything you owe.
It may also be the difference between being able to afford to keep a roof over your family’s head and going under completely.
By Hayley Jones
- 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
- Funding mortgage overpayments with credit cards
