Wednesday 31st of March 2010
Asking individual voluntary arrangement (IVA) questions could be a good idea for those of you who want to take the first step to ensure you’re never caught out by a financial crisis again.
Giving you the chance to cut down on large unsecured debts accrued on credit cards and personal loans, IVAs could free up more income with which to save for a rainy day - or another credit crunch that may occur further down the line.
And by doing so, you may be following the lead of Britain’s teenagers, who have apparently learnt well from the recent recession.
According to figures from Natwest, 67 per cent of 12 to 19 year olds say their money management skills have improved during the economic downturn.
What’s more, 33 per cent of boys state they are now more likely to save, compared to 24 per cent of girls.
Commenting on the findings, Gary Millner, director of operations at the Personal Finance and Education Group, explains: "People will learn lessons from any sort of crisis, especially when it’s one that affects them personally, or one that they can see affecting and impacting on others."
Seeking IVA answers could be one way to turn your finances around and erase the memory of the effects of the recession.
Written by Mark Waterman
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- 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
- Seeking IVA advice 'may be best move' for borrowers
