Tuesday, Sep 11, 2007
Enquiries about bankruptcy jump 50% - CAB
Firstrung: Debt enquiries at Citizens Advice Bureaux reaches record high
Credit card debt and problems with unsecured loans dominated, accounting for 40% of the CAB debt caseload. One in four of all debt enquiries concerned credit and store cards. Consumer credit debt problems of all kinds increased by 14%, while problems with overdrafts and unsecured personal loans increased by more than 18%. Enquiries about bankruptcy jumped by 50%. But the figures also indicate that many hundreds of thousands of people are increasingly struggling to meet their day-to-day living expenses. Gas and electricity debt problems shot up by a third (33%), while council tax debt enquiries went up 25% and telephone debt problems by 19%. Problems with mortgages and secured loans were up 11%.
Posted by converted lurker @ 11:16 AM (633 views) Add Comment
8 Comments
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1. uncle chris said...
Noooo, this can't be true because the government tells us that the economy is doing well and that inflation is only 1.9%. You don't imagine they would LIE to us would you ... shock .... horror ....
2. sovietuk said...
"Enquiries about bankruptcy jumped by 50%"
- banks losing patience with IVAs ?????
3. Cstanhope707@hotmail said...
Uncle Chris my only worry is the "Stupid Government Bailout" idea that Bush is supporting for irresponsible borrowers and lenders will be put forward here. Just wait the BTL brigade will be screeming for Government Hand outs soon....
4. converted lurker said...
when you look at the figures in isolation I was surprised to discover that so many folk are struggling with day to day expenses. 'We' are 'Detroit' in so many arears of the UK...
5. C'mon Correction said...
This is the tip of the iceberg.
6. Orwell said...
I see a lot of people buying their groceries with credit cards now. That is a bad sign...
7. talking rot said...
@SovietUK
How can the Banks lose patience with IVAs? I understood (perhaps incorrectly) that P.Mandelson's bankruptcy laws legally obliged them to explore the option of an IVA with a "client". Bankruptcy was only to be taken as a last resort. Typical of Labour, a well-intentioned policy aimed at businesses is misused by feckless types shirking their own responsiblities.
Can Banks refuse IVAs?
8. Dandare500 said...
According to BBC news, this data is from two interest rate hikes ago. I wonder what fresh data would behold!