Personal Insolvencies Hit Record Levels as More UK Citizens Seek Debt ... Earthtimes (press release)

09.11.09

CHORLEY, UNITED KINGDOM -- 11/09/09 -- The latest figures released on National Insolvency report a record number of insolvencies. Director of Consumer Debt Advice Service, ClearStart Nigel Stockton has responded to the latest National Insolvency Statistics and has provided an insight into the potential debt management trends in future for UK citizens.

"Today's National Insolvency Statistics have showed an increase of 28.2% in personal insolvencies compared to the same quarter last year, with figures hitting record levels as consumers continue to struggle to service their debts.

"The latest figures have shown year on year growth in all types of insolvency solutions, but most worrying with bankruptcies/debt relief orders being the fastest areas of growth.

"Whilst bankruptcy may sound like an easy option for consumers, in that quite often debts are considered satisfied within twelve months, it can limit employment prospects, ruling out roles in parts of the financial services sector; the forces and directorships. Additionally, there is a stigma of bankruptcy which can continue for 6 years and financial exclusion is a certainty with access to credit denied.

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