Thursday 24th of June 2010
Individual voluntary arrangement (IVA) information may help Brits who are still relying on credit in order to get by.
Figures from the Finance and Leasing Association (FLA) have revealed while borrowing is declining, billions is still being taken out on credit cards.
In April, nearly £2.5 billion was lent through this form of finance - taking the total for the last year to more than £31.5 billion.
IVA answers may help you realise you do not need to rely on credit cards and other forms of borrowing, as you could be able to start with a clean slate after five years of hard work - as long as you owe more than £15,000.
One thing that could add to the concerns of many cash-strapped Brits is car payments, as the FLA found car finance has actually been on the rise - increasing by five per cent over the last year.
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
- IVAs could reduce Britain's 'reliance' on unsecured borrowings
