Sunday 11th of April 2010
One of the main reasons why it can be so hard to deal with debt problems is because people who fall into the red are often too ashamed to speak up and get help.
However, people who bury their heads in the sand might find that seeking individual voluntary arrangement (IVA) answers offers them the help they need.
IVAs can freeze interest rates on credit card repayments and help to wipe out unsecured debts worth over £15,000, which could get Britons’ finances back on track.
And recent figures from the Consumer Credit Counselling Service (CCCS) suggest it’s men who need to speak up most about their money troubles.
According to the charity, more women than men use its internet-based CCCS Debt Remedy service.
The statistics also showed its online debt counselling facility is more popular among people with salaries between £10,000 and £19,999 a year.
And IVAs can offer a helping hand to people like this, who may be struggling to stretch their income across unsecured debt repayments and essential everyday items.
By Kimberley Parsons
- 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 information may help those 'taking notice' of finances
