- Monday, 20 April 2009While many people might hope to spend their 20s setting up their first home, many could find setting up an IVA to be a prospect.
Figures from PricewaterhouseCoopers (PwC) show that 20somethings are more likely to spend on a variety of forms of credit.
But allowing such expenditure to get out of control could create the need for
IVA solutions to get back on track.
In a recent survey, PwC found that 27 per cent of consumers between the ages of 25 and 34 have used credit in the past six months for items such as food and other household goods.
This was higher than older age groups, the organisation noted.
"More young people than any other age group have applied for credit," PwC adds.
For those whose finances have become untenable, setting up an IVA could be an option.
An IVA is an agreement between a borrower and all of their lenders which can write off a portion of the debt - potentially up to 70 per cent of the full amount.
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