Tuesday 8th of June 2010
Individual voluntary arrangement (IVA) answers might offer you enough information to help you realise it’s possible to drop your debt and turn your back on credit cards.
Figures recently released by Moneyfacts show growing numbers of Brits are opting to use plastic, with providers offering competitive deals to get people to take up the unsecured financial product.
However, they reveal how interest rates charged on cards have also gone up, with the average APR standing at 18.7 per cent.
Answers on IVAs could, therefore, offer a helping hand to those of you who are sick of the stress of having to pay off debts every month and want to avoid your money troubles spiralling out of control.
That’s because IVAs could cut the cash you owe on plastic over a period of around five years, freezing the once-mounting interest rates on all of your unsecured debts.
And although they’re only available for people in employment who have more than £15,000 outstanding, they could show those eligible it is possible to turn their backs on credit and get out of the red once and for all.
By Mark Waterman
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- 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
- Do you prefer undertaking an IVA, rather than a second job?
