Wednesday 31st of March 2010
Taking the time to seek individual voluntary arrangement (IVA) answers could prove to be extremely beneficial to the growing number of people looking to cut down on their debt.
According to the Consumer Credit Counselling Service (CCCS), the recession has highlighted the need to pay down money owed, something an IVA could help with.
IVAs can offer a helping hand to those of you with big unsecured debts on plastic and personal loans, by freezing interest rates and reducing your deficit over a period of five years.
And they may become more popular over the coming months, after a spokesperson for the CCCS suggests Brits are more aware of the importance of debt repayment.
"Consumer attitudes to debt have changed, with people preferring to pay down their outstanding debts where possible," he says.
But this is easier said than done with other essential costs to factor into your budget.
IVAs could help you manage your finances easier and make sure you have enough cash left over to start paying back your debt.
Written by Neil Burton
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