Friday 25th of September 2009
Individual voluntary arrangements (IVAs) may be next on the shopping list of women after a new study reveals that over half of the female population admit they shop to boost their mood, a report says.
The survey by Ipswich Building Society reveals that a third of females admit they cannot help but to splash their cash, the Daily Mail asserts, which could require an IVA to rein in their spending should credit cards be taking a hammering.
Over half of respondents claim that it does not matter what they buy, they just enjoying getting their hands on something new.
But when credit card spending gets out of control, an IVA could be required to freeze the interest rates on plastic debt and to merge the balances into one monthly, more controllable, repayment.
"It is alarming that in a recession when generally spending is down and the job market isn’t good, that some women still feel the urge to shop beyond their means," Joanna Leah, general manager at Ipswich Building Society, tells the newspaper.
Despite the potential IVA help needed by shopping addicts, the UK Payments Administration claims that credit-card spending has dropped to a two-year low.
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
- IVA advice 'for all the family'
