Overcoming Debt
September 21, 2007 – 11:33 amMany of my friends and I are living the modern life where debt is a major part of it. I put this down to the ease in applying for a loan, the credit we get from our credit cards and mismanagement of finances where luxuries come first over necessity. This could be influenced by what we see on TV, internet or glossy magazine. Even I was surprised that quite a number of my male friends love like shopping!
I understand that not only have we failed personal financial management, we are also failures when it comes to debt management. Today, I came across something called Individual Voluntary Arrangement or better known as IVA.
IVA is a legal route for people who have unsecured debt over £15,000 and are unable to repay. I don’t think my friends and I are n that bad of a financial shape yet but I believe that quite a number of us consolidation loan to help us manage our debt better. I read that by reducing out monthly outgoings, it could raise our credit score too! I believe that we can overcome debt, but it is a slow process and we have to be disciplined!
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