Wednesday 30th of September 2009
The average British household debt stands at £21,355 when unsecured debts are included, the new Credit Action report says, something which an individual voluntary arrangement (IVA) could help with.
And this figure rises to an average household debt of £58,290 when mortgages are taken into account.
IVAs could help with unsecured debt by organising repayments into a manageable monthly repayment schedule, which may save cash-concerned Britons both time and money.
Even households with unsecured loans owe an average of £9,180, according to the statistics.
The Credit Action report also shows that 2,696 people are made redundant every day.
IVA advice may be ideal if you are in that position, as a drop in household income will hinder the chances of meeting existing repayments.
An IVA, though, will create a new debt-paying structure for you based on current circumstances and ability to pay.
Written by Ashley Littley
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