Million Britons Near Bankruptcy
1.7m people struggle with their debts, with 1m facing serious difficulties
22nd May 2006
A new report has estimated that up to a million people in the UK are at a serious risk of bankruptcy, facing a monthly struggle to meet their commitments despite high salaries averaging £30,000.
The research, carried out by YouGov on behalf of debt consultancy Thomas Charles, suggests that 1.7m people often struggle to make their debt repayments, while a million do so every month.
Fully 8 million adults have unsecured debts of £10,000 or more, equating to around one in five adults.
13% of people surveyed in the poll said that they were quite likely or certain to declare bankruptcy in the near future, suggesting that the 100,000 people expected to go bankrupt this year could be a vast underestimate.
Easy access to credit combined with low interest rates are blamed for the country's debt problems, with nearly a quarter of people surveyed saying their debts were simply a result of overspending.
Read More: Money Guardian : Debt problem soars as 1m face threat of bankruptcy
|
More on Bankruptcy : Egg plc Posts £40m Loss (News, 31/07/2006), Another Steep Rise in Insolvencies (News, 05/05/2006), Bankruptcy Rate Rises in Under 25s (News, 13/09/2005), New Record for Bankruptcy Levels (News, 08/08/2005), Fall in Forced Bankruptcies (News, 04/07/2005), See all 10 Bankruptcy stories >>> |
|
More on Consumer Debt: Repossession : Could you lose your home? (Article, 09/02/2006), Coping With Debt (Article, 27/07/2005), Reduce Your Credit Card Debt (Article, 26/07/2005), IVAs a Profitable Business (News, 24/10/2006), Bad Debts Hit Co-op Profits (News, 14/09/2006), HSBC Tightens Overdraft Rules (News, 12/09/2006), Egg plc Posts £40m Loss (News, 31/07/2006), Many Face 'Lifetime of Debt' (News, 25/05/2006), See all 32 Consumer Debt stories >>> |
Home - Bad Credit - Debt Management
