Debt management most needed in coastal towns
Debt management most needed in coastal towns
Wednesday 28th October 2009
It found that seven out of the top ten towns and cities for insolvency were by the sea, reflecting the level of economic decline in former seaside holiday towns and maritime centres.
In the twelve months to January 1st 2009, personal insolvency was almost a third higher in coastal towns with a rate of 20.6 per 10,000 adults compared with a national average of 15.7.
The town with the highest rate of insolvency is Hull, with 26.6 bankruptcies per 10,000 adults, while Cardiff is the only one of Britain's largest 50 cities which has an insolvency rate below the national average.
A higher concentration of pensioners in seaside towns has been cited as a possible cause of their greater bankruptcy rate. Wilkins Kennedy previously found that insolvency among retirees has risen by 164 per cent over the past five years, a trend that was linked with longer life expectancy and people going into retirement with outstanding debts.
Keith Stevens of Wilkins Kennedy said: "It is surprising to see that the impact of the decline of the UK’s coastal economies is still being felt now.
The higher bankruptcy rates and unemployment figures that are at least half a percent higher than the rest of the UK show these towns and cities still haven't caught up with the rest of the UK."
Debt management solutions and debt consolidation loans can help people struggling to make ends meet avoid bankruptcy.
Recently, campaigners in Hull called for the toll on the nearby Humber Bridge to be reduced, arguing that the £2.70 charge is damaging the local economy.
News article brought to you by Debt1 – The debt consolidation company
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