- 20
- Jun
New figures show that the number of people declared insolvent is still going down. This is despite all the new fees banks have been introducing to try and rake back profit lost from repaid overdraft fees. And despite the raising of interest rates on loans and mortgages which have made it increasingly difficult to pay back loans. For the last six months the number of people declared insolvent has been decreasing, according to Government figures.
Although the drop in insolvencies was not expected by the experts they are still warning that the worst may still be yet to come.
Britons borrow money like no other country in Europe and while this is good for retailers, the existing mountain of debt as well as the recent interest rates rises means more and more of us could still be at risk of insolvency.
Currently in Britain it is estimated that 8.2 million adults are in serious debt while a further 2.1 million of us are struggling with repayments. So if you ever feel like you’re the only one suffering there is no need to feel alone. Do not be scared to approach your lender for advice if you feel your debt is getting out of control. Early action is the best way of avoiding a difficult financial situation in the future.
18% of adults in the UK own more than £10 thousand in unsecured debt, such as car loans, credit cards and hire purchase. That is equivalent to 8.2 million adults and the number is only going up. Men were at more risk of building up large debt with 18% of men reporting debt of £10k compared with 15% of women.
