When you use credit, you are borrowing money that you promise to pay back within a specified period of time.

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All is not lost, as you can ask HMRC to pay it back over a longer period or reduce the amount you are paying back.

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These include a requirement for students who have received state grants to stay and work in Hungary for a certain period of time after graduating, or pay back the cost of their tuition to the state.

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An IVA requires you to pay back as much of your debt as you can afford over a period of about five years after which the balance is written off.

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With a five-year hybrid ARM, for example, the borrower will either pay off the loan at the end of the five-year period, allowing the bank to reinvest its money, or will continue to pay back the loan at a fixed rate that is higher.

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You pay yourself back via payroll deductions directly to your 401(k) account typically over a five year period.

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