- Tuesday, 23 June 2009With an increasing number of young women facing the social pressure to spend, many are turning to debt management solutions - including
individual voluntary arrangements (IVAs).
The Independent reported that young women are among the most likely to make purchases on credit and therefore may struggle with debt.
But a range of options are available to this group, including taking on an IVA, which is paid off in instalments over a fixed period - usually lasting five years.
Those seeking help managing their debts should first contact their creditors, the newspaper suggested. Seeking free advice from a service such as the Citizen's Advice Bureau and National Debtline about the various choices available - such as IVAs and debt relief orders - is also recommended.
Debt charity Credit Action suggests that those struggling to pay back what they owe should prioritise the debts which could affect their fuel supplies or their home.
It also notes that creditors tend to prefer regular payments in small amounts than larger, irregular sums that cannot be sustained in the long-term.
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Renting rather than buying may be an option for Brits with Finance Management Thu, 28 Apr 2011
Consumers coping with Finance Management may want to shop around for cheap energy tariffsWed, 27 Apr 2011
Increasing number of Brits turning to loans for home improvementsWed, 27 Apr 2011
Brits, including those with Finance Management plans, to spend £267 on Royal Wedding Tue, 26 Apr 2011
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