Thursday 25th of March 2010
Britons who are finding it hard to rein in their credit card spending may be interested in seeking individual voluntary arrangement (IVA) answers to help shore up their finances and cut down on their debts.
Figures from Barclaycard Global Payment Acceptance today (March 25th) show that the number of transactions carried out using plastic saw an annual rise of 7.1 per cent last month.
And those who have amassed debts of more than £15,000 on their credit or store cards may well benefit from asking questions on IVAs as soon as possible to make sure they don’t fall further into the red.
That’s because IVAs can help clear money owed on these financial products over a period of five years.
And they could help a great deal of people in this country.
According to research from moneysupermarket.com, 17 per cent of credit card holders use their plastic at least once a day, while 28 per cent use it a minimum of once a week.
Written by Chris King
- 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
- Homeowners urged to reduce debt as early as possible
