Tuesday 7th of September 2010
Britons who are saddled with unsecured debts could find now is the time to pay off the money they owe. But often this is easier said than done.
Information on individual voluntary arrangements (IVAs) may, however, show them there is a way of getting out of the red and staying on top of their finances once and for all.
Figures from unbiased.co.uk show growing numbers of people in the UK are rushing to pay back debts, rather than saving for a rainy day.
Commenting on the data, Jo Parsley, advocacy and media officer for Credit Action, says: "This could be for a variety of reasons – perhaps low interest rates dissuaded people from saving, or perhaps fear around job security prompted people to get on top of their debts."
For those of you who think now may be the ideal time for you to try and get back into the black, researching IVA info might be a wise choice.
The measure gives you the chance to whittle away money owed on unsecured financial products worth more than £15,000, potentially offering you more control over your finances by freezing the interest on the debts.
And you may find after around five years you've achieved the aim of getting your bank balance back on track and are ready for a fresh start.
By Rachel Powell
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- Government announces 'breathing space' for those needing IVA help
- Lack of subprime lending creating need for IVA help, expert suggests
- An IVA could clear your credit cards while you tackle energy debt
