Sunday, November 6, 2011

The classless society as far as debt is concerned

Insolvency Issue

Company liquidations up 6.5% in third quarter, personal insolvencies down but.... read the article.

Posted by novice pete @ 08:22 PM (1158 views)
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3 thoughts on “The classless society as far as debt is concerned

  • Some good observations from Bev Budsworth, managing director of debt management company ‘the debt advisor’:-

    A recent report entitled ‘Facing the Squeeze 2011’, commissioned by the Money Advice Trust, split debtors into three groups: those who were managing, those who were stretched and those who were overindebted. The report concluded that, due to drops in income and the broad perception of rising living costs, respondents felt that they were still spending a similar amount to a year before, despite making cut-backs.

    “The situation is even more dire when you consider youth unemployment. Over one in five 16 to 24-year-olds – nearly one million young people – are out of work and financially dependent upon their parents. This compounds the problem further with parents who are nearly reaching their financial tipping point and fearful for their own jobs, forced into debt because they are forced to support to their unemployed children.”

    “People are definitely now throwing caution to the wind – we are seeing people on middle incomes using credit cards simply to pay for day-to-day living expenses. In more extreme cases, clients are using their plastic to pay their mortgage! Further down the ‘ladder’, the use of payday loans, log book loans and even loan sharks are commonplace.”

    The rest of the figures are averaged out to death so very little can be gleaned from them.

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  • I wasn’t aware you have to pay £750 to declare yourself bankrupt! Do those that can’t afford it end up in debtor’s jail?

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  • Nickb, according to this article WSJ more than a third of U.S. states allow borrowers who can’t or won’t pay to be jailed.

    Info on UK bankruptcy here Directgov

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