Saturday 28th of August 2010
Seeking individual voluntary arrangement (IVA) answers may be a wise option for people who are sick of being in debt and want to start reducing their deficit.
According to figures from unbiased.co.uk, this appears to be something of a trend at the moment, with Brits beginning to put more emphasis on getting out of the red than saving for a rainy day.
The data shows UK adults paid back £1 billion over and above what they were borrowing in the second quarter of the year.
And IVA answers could be beneficial if you want to follow suit and get your finances back on track.
The measure requires serious work and dedication to complete - as well as the means to meet around 60 reduced-rate monthly repayments - but might leave you completely debt-free, with an income that goes further.
Karen Barrett, chief executive of the website, comments: "Brits appear to have shifted their financial habits to reflect those last seen at the height of the credit crunch, with debt repayment top of the priority list."
By Hayley Jones
- 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
- IVAs could help get finances in shape for future weddings
