Thursday 8th of October 2009
Older people could be struggling in the credit crunch, according to Confused.com, and some may wish to turn to individual voluntary arrangement (IVA) to help them out of trouble.
Many consumers over the age of 50 may have turned to unsecured loans, including credit cards, in order to pay the bills each month.
Joanne Garcia, head of credit cards at Confused.com, said: "Many people in their 50s have accepted that they’ll need to work far longer in order keep the wolf from the door and/or pay off the debts they are accumulating."
But with credit becoming harder to find, consumers may be looking for another way to keep threats such as bankruptcy at bay.
An IVA aims to restructure repayments on unsecured debt of more than £15,000, so could be the perfect way to wipe out those credit card concerns.
According to Credit Action, total personal debt in the UK at the end of August was £1,457 billion and is increasing by 0.8 per cent each year.
By Neil Burton
- 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
- IVA advice could help small business owners avoid bankruptcy
