Thursday 29th of July 2010
Individual voluntary arrangement (IVA) answers could offer plenty of useful information and advice to Brits who have racked up serious levels of debt on their plastic but now want to get their finances back on track.
According to figures from the Bank of England, credit card lending increased by £100 million in June compared to the month before.
Commenting on the data, Chris Tapp, director of Credit Action, says: "The worrying thing is that as a nation, we have become pretty addicted to and dependent on credit to function."
Answers on IVAs, however, might help those of you hoping to cut your unsecured debts and emerge completely out of the red.
An IVA merges all of the repayments into one, reduced-rate monthly outlay, potentially allowing you much-needed control over your money.
Once complete, you could find yourself comfortably living within your means after around five years, without the need to spend on plastic or take out personal loans.
Mr Tapp adds: "For so many people now, credit has become very normal."
By Chris King
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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
- IVA advice could help low-wage Brits stay afloat
