Monday 12th of October 2009
Britons fed up with a hectic lifestyle, long working hours and poor quality of life may want to turn to an individual voluntary arrangement (IVA) to ease their stress.
New research by uSwitch.com reveals the UK is the worst place in Europe to live, with citizens working three years longer and dying two years earlier than their French counterparts on average.
And while the UK enjoys the highest net household income on the continent, Britons are asked to pay more for fuel, food, alcohol and cigarettes than the European average - extra household expenses which could push people into debt, although an IVA could reduce reliance on credit cards.
Low spending on education and health, compared with other nations, also add to the woes of a country whose debt rises by more than £5,000 every second, the website claims.
The best quality of life can be found in Spain and France.
However, an IVA could be the answer for many of the 9,300 people who register a new debt case with the Citizen’s Advice Bureau each day, according to the Credit Action report.
An IVA could ease financial pressure by freezing interest payments on unsecured debt and creating a realistic repayment plan - which may improve the quality of life for stressed-out Britons.
By Ashley Littley
- 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
- Loan repayments could be reduced with an IVA
