All three major parties have consumer debt in mind in the run up to the election. Edward Leigh, chairman of the Committee of Public Accounts, says that “one person in 10″ is struggling to pay back what they owe. Total consumer debt now stands close to £1.5tn. People having trouble paying off their debt should look towards debt management. Often, an Individual Voluntary Arrangement (IVA) is the best solution for those with debts of £15000 or more and a disposable income of over £200. As long as 75 per cent of creditors agree to the IVA, people can find themselves debt free after five years. Labour have proposed to help consumers by altering credit card repayment plans and allowing customers to veto limit increases. The Conservatives have announced that they would make sure card bills had clearer information, whilst the Liberal Democrats aim to give consumer watchdogs more power.
Parties target credit card debt
April 9, 2010 By
