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Is the UK credit card boom to blame for increased IVA numbers?

More and more experts are placing the blame for the ongoing increase in Individual Voluntary Arrangements (IVAs) in the UK at the door of the UK credit card industry. There has been a significant increase in the number of IVAs agreed over the last few months and many experts believe this is a trend which could continue for at least the next 12 months. But is this really the fault of the UK credit card industry?

There is no doubt that the UK credit card industry has flooded the UK market with cheap credit in the boom times only to pull the plug on many customers in the bust times. We have seen credit card interest rates rise to levels never seen before as more and more people struggle to cover their minimum payments and indeed fall further and further into debt when interest is taken into account. For many people an IVA (otherwise known as a Trust Deed in Scotland) may be the only option, allowing them protection from further debt repayment demands and putting in place a strict repayment plan.

While there are obvious consequences regarding credit ratings and finance in the future, for many people this is a very small price to pay for their peace of mind. Please note that you should take professional financial advice if you are struggling to cover your debt repayment obligations.

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