Wednesday 13th of January 2010
If you have a number of different store and credit cards because you keep maxing out each one then you could be one of the many Britons who admit they waste cash on things they do not need.
A new survey by Bright Grey reveals that almost £2 billion has been spent in the January sales on purchases which you and other shoppers deem to be a "waste of money".
If your shopping habits have now spiralled out of control then you may find an individual voluntary arrangement (IVA) answers your store and credit card addiction.
An IVA can merge credit and store card debts of more than £15,000 together into a single, monthly repayment. If you have resigned yourself to debt and carried on shopping then an IVA could show you an alternative.
Over half of you who shop in the sales say you do on a whim, while just over a fifth research prices and check other stores online.
"By simply cutting back a little we could put the money that’s saved towards protecting our lifestyle and financial security in the event of a serious illness or prolonged time off work," advises Roger Edwards, proposition director at Bright Grey.
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 help until sky-high interest rates stop
