Friday 23rd of July 2010
For a large number of people, the recession has meant serious cutbacks when it comes to spending. Others though, may have retained their consumer confidence despite having to deal with large amounts of debt.
Information on individual voluntary arrangements (IVAs) could, though, offer assistance to those of you unable to stop spending even when you’re already finding it difficult to pay back the cash you owe.
According to the latest data from the Office for National Statistics, the seasonally-adjusted value of retail sales last month rose by 2.5 per cent from May, while the volume of retail sales increased by 1.3 per cent.
With more being spent in Britain’s shops, it could be that financial worries become exacerbated if individuals fail to stop themselves spending.
IVA info might, therefore, help those who owe more than £15,000 on unsecured financial products realise that it is possible to get out of the red - albeit with a lot of discipline and determination.
And the method of insolvency could show shopping addicts the amount of effort required to pull themselves out of their money troubles - potentially teaching them the importance of keeping a grip on their finances and avoiding slipping into debt in the future.
By Hayley 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
- IVAs may offer helping hand to those worried about tax rises
