Interest rates on unsecured debts like credit cards and personal loans have risen over the past three years. That’s despite the base rate of interest being kept at a record low by the Bank of England. If you are struggling to meet your debt repayments, an Individual Voluntary Arrangement (IVA) is a good solution. A person with unsecured debts of over £15000 can reach an agreement with their creditors to pay back a manageable monthly amount over 5 years. Debt Relief Orders (DROs) can help those owing smaller amounts. Research from Defaqto shows between April 2007 and April 2010 the typical APR on unsecured lending rose from 8.8 percent to 12.9 percent.
Unsecured debt rates have risen
May 12, 2010 By
