More debt help could be required as Credit Action sees rise in personal insolvencies
More debt help could be required as Credit Action sees rise in personal insolvencies
Tuesday 4th August 2009
Laying out its predictions for the forthcoming publication of figures regarding personal insolvencies across the UK, the organisation has revealed that one person has gone bankrupt every six minutes so far this year.
What's more, Credit Action believes that the number of personal insolvencies granted over the second quarter of 2009 will top the 30,000 mark.
The latest blog posting on the organisation's website read: "It is no surprise then that the number of people whose financial situation has collapsed is rising year on year.
"Yet many people are not seeking advice or assistance because they are scared of the social stigma attached to debt problems. However failure to promptly deal with debt issues can further exacerbate the problem."
A further trend revealed by the organisation was that the number of young people facing bankruptcy has also risen in the last 12 months.
Money difficulties are always a concern for adults, but can be especially stressful for people if they are not fully aware of their situation and the financial implications of their debts.
For this reason, Credit Action highlighted the need for money education charities to help younger people to manage their finances.
At the end of July, the Citizens Advice Bureau (CAB) reported that around 400,000 UK citizens rang the charity in search of financial advice over the past six months alone.
News article brought to you by Debt1 - The debt consolidation company
Related News
Rising unemployment could increase demand for debt consolidation advice - 04/08/09
Nearly four million Britons could soon find themselves out of work, with many likely to turn to debt management solutions as they attempt to juggle rising living costs without a regular wage
Nearly four million Britons could soon find themselves out of work, with many likely to turn to debt management solutions as they attempt to juggle rising living costs without a regular wage
Debt consolidation needs could increase as low-end property prices fall - 31/07/09
The average property price in the UK increased last month for the first time since April last year
The average property price in the UK increased last month for the first time since April last year
Debt management could allow Brits to holiday abroad - 29/07/09
A vast number of Britons are foregoing their holiday abroad this year as a result of financial difficulties
A vast number of Britons are foregoing their holiday abroad this year as a result of financial difficulties
Need for increased working hours could be reduced with debt management - 29/07/09
More than five million Britons have to work overtime in order to make ends meet as the financial crisis continues to take its toll on the British population
More than five million Britons have to work overtime in order to make ends meet as the financial crisis continues to take its toll on the British population
Debt consolidation could help elderly in poverty cope - 27/07/09
Figures released by the European Commission have revealed that the UK has one of the highest levels of poverty among its elderly population in the European Union (EU)
Figures released by the European Commission have revealed that the UK has one of the highest levels of poverty among its elderly population in the European Union (EU)
News Article Search
Quick Apply
News Archive