Tuesday 24th of August 2010
Individual voluntary arrangement (IVA) questions could prove useful to Britons who are having trouble putting a stop to their habit of spending on credit cards.
Lenders are currently being accused of enticing people into debt by offering more generous deals on plastic than were available before the global economic downturn.
This, experts believe, could lead to a credit card boom that leaves households struggling to pay off the money they owe.
Questions on IVAs may, though, be beneficial for those of you who can't stop spending on credit cards and have amassed serious levels of unsecured debt as a result.
An IVA could have you out of the red after around five years and also instil some new-found discipline when it comes to saying no to cheap debt and credit.
Speaking to the Daily Mail, Andrew Hagger from moneynet.co.uk comments: "The danger is that a lot of people take the cards out to help them clear their debt, but when reality comes, they continue to spend on their card and end up in as bad a situation as ever."
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
- IVA support could replace old credit card crutch
