I am not sure, but I have read some statistics that say the majority of people in the developed world live in debt. Luckily, cleardebt.co.uk is a company that helps people get out of debt using an IVA (Individual Voluntary Arrangement) . An IVA can drastically cut your debt for you. It can freeze the amount of interest you pay as well as stop creditors from taking action against you.

I personally try to avoid debt. I do not have a credit card. I have purchased three cars in my life–all were cheap and all I paid for in full.

Unfortunately, it is in the interest of salespeople to sell their expensive products to potential customers regardless of whether or not the customers can afford it. Generally speaking, as long as a salesperson can get you approved for financing, he will try to get you to spend as much of that as possible It’s sad, but it’s expected. We can’t expect salespeople to make smart decisions for us.

Understandably, many people get caught up in having the chance to get immediate possession of all sorts of luxuries. They sign agreements to buy the luxuries with credit and on payment plans.

If you are already in debt, an IVA is likely your best option to get out without having to go into bankruptcy. They can also help those businesspeople among us who have hit hardship and accrued large amounts of personal debt, which is not common among people owning unincorporated businesses.