Thursday 19th of November 2009
The amount of Yorkshire residents who have credit card accounts closed down because they cannot keep up with repayments is 13 per cent higher than the national average, according to Confused.com - meaning those in the area may be especially interested in an individual voluntary arrangement (IVA).
One in five people nationwide suffer from an account being shut down after failing to repay credit card providers, with the figure rising to 35 per cent in the white rose county.
Research by Confused.com also found that those in the south-east of England are nearly as bad as their Yorkshire counterparts at keeping up with monthly repayment demands, with 33 per cent experiencing an enforced account closure.
Joanne Garcia, head of credit cards at the price comparison site, said: "Credit card users in all regions need to understand how damaging it can be to miss repayments."
IVA advice could be attractive to people struggling with credit card borrowings.
When an IVA is taken out, a financial expert could have interest rates on unsecured debts - which include credit card bills - frozen, which can restrict the potential for total debt to spiral out of control.
By Mark Waterman
- 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
- Brits could turn to IVA questions as means of debt advice
