Bankruptcy Fear as Debt Rises
According to a new report by the Telegraph, more Brits could be heading towards bankruptcy as the average household now owes an average of £60,000 worth of debt. This, combined with the credit crunch, stricter lending criteria and high inflation, means that Brits are suffering from the years of cheap and sometime reckless borrowing.
There are 25 million households in the UK, each of which have an average debt of almost £58,500. The outstanding total for UK consumer debt, which includes both secured and unsecured debt, has increased to £1,444 billion.
This figure has seen a 7.3% increase over the past year, so it is no wonder that more households are having bankruptcy questions, and wondering if it could be the solution for rising debt levels. Whilst it would be uncommon for many of us not to have some form of debt, as your mortgage is classed as a debt, it is when these personal debt levels start increasing that people need to re-evaluate their finances.
Need Bankruptcy Advice?
If you have debt problems then you might be looking for a solution to your debt worries, this is where One Advice can help you. We are an ethical debt solutions company who can offer an array of debt solutions. You may think that bankruptcy is the only way out of debt, but the right debt solution is dependant on a number of personal circumstances.
The best way to find our which debt solution is most suitable for you is to get in touch with the One Advice team. We would only offer ethical advice and strive to find a solution which is right for your financial situation.