Friday 26th of March 2010
It would appear that Brits are taking heed of the message to stop burying their heads in the sand and start facing up to their finances, something individual voluntary arrangement (IVA) answers could help with.
Splashing the cash on credit cards with no regard for the consequences will have landed many people in serious monetary trouble.
But according to a new survey by Santander, over 80 per cent of Brits claim they have taken measures to reduce their outgoings.
Such good financial habits may be backed up by an IVA, which can freeze the interest rates of credit cards, merging balances into one, more affordable monthly repayment, rather than a number of different commitments.
The poll shows that 84 per cent of females are likely to make cutbacks, compared to 77 per cent of men.
Men and women alike who are in employment and have credit card debts of more than £15,000 and owe a number of lenders could find they qualify for an IVA.
"Forty million people are still feeling the pinch and trying to find ways of slashing their outgoings to cut back," explains head of Santander Current Accounts Helen Bierton.
By Rachel Powell
- 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 questions to benefit those burned by reward credit cards?
