Saturday 15th of May 2010
Seeking answers on individual voluntary arrangements (IVAs) might be a sensible choice if you find it difficult to curb your spending on credit or store cards.
According to new figures from Barclaycard, the amount of money shelled out using credit and debit cards increased by 0.8 per cent in April compared to the previous month.
And this corresponds to an 8.9 per cent annual rise.
Everyone knows it’s easy - and practical - to whip the card out when you’re out on a shopping spree. However, this could leave you with mounting unsecured debts that are increasingly difficult to clear when the bills turn up every month.
Researching IVA FAQs may be of benefit if you’re one of those who flash the plastic at any given opportunity.
That’s because IVAs merge all of your unsecured debts into one monthly repayment, potentially allowing you more control over your finances.
And they could have you out of the red within a period of five years, although this does require serious hard work.
You may find, however, that it’s worth it once you’re back on your feet and able to afford the cost of living without having to worry about money you owe.
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 could offer fresh start to desperate borrowers
