Wednesday 25th of August 2010
Individual voluntary arrangement (IVA) questions might be beneficial for those of you who have spiralling debts as a result of your addiction to shopping.
According to figures from uSwitch, there are four million UK women who can't stop spending, which has led to a whopping total of £13 billion being owed on credit cards, personal loans, storecards and overdrafts.
The price comparison website shows shopaholics have amassed a mean personal shopping debt of £3,353 - three times higher than the national average.
And it also states the trend is starting to spread two males - with three million men hooked on splashing the cash.
Questions on IVAs may, however, help remove the burden of debt that weighs so heavily on a multitude of people nowadays.
If you owe more than £15,000 on unsecured financial products, this method of insolvency could have you in the black after around five years of hard work and dedication, by merging all of your repayments into one, reduced-rate monthly outlay and freezing the interest on your debts.
It is only available to people who are employed and owe cash to three or more creditors, but an IVA may show you the amount of discipline required to stay in control of your finances and persuade you to rein in your spending to avoid getting yourself into serious trouble once more.
Commenting on the news, Ann Robinson, director of consumer policy at the company, says: "In today's celebrity obsessed society, any lessons learnt from the recession have been airbrushed out of the picture. Despite the financial constraints, women have carried on copying the lifestyles and shopping habits of their idols and ignoring the debt they are racking up.
"But this spend-emic has spread and it's clear that men too have caught on to the joys and perils of shopping."
By Neil Burton
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