More and more Britons falling prey to Unsecured debts

PR Log (Press Release) – Aug 22, 2008 – London (Online-Unsecured-loans) : A study conducted by BankruptcyHelp and Online finance site IVA, has disclosed that the level of average sum of debt has increased significantly in the past three months. Currently, an average Britain resident is under the debt of approximately 9090 pounds. This has resulted in the rise of total 8% from the information that was accumulated for the identical study in the month of April of last year.

The current raise in the debts means that consumers may come across with problems relating to demand management, monetary commitments and even transport expenses. Men are the worst affected by this problem. An average man is shown under the unsecured debts of 9,500 pounds (which is around 13% rise in the preceding 3 months) while women are in much comfortable position, sitting pretty with a total average debt of 8,670 pounds.

Due to this needless financial shortcoming, more and more people are now resorting to insolvency which heavily comprises of men. Many people are also considering the option of IVA (Individual Voluntary Arrangements). According to Andy Davie, spokesperson, IVA and a renowned writer on debt told the press, “ The credit squeeze has left people with far fewer options when trying to deal with rising unsecured debt. The normal boulevard of remortgaging to pay off unsecured debts has been severely narrowed and the reduction of mortgage products available is resulting in many to consider formal insolvency.” Julian Donnelly, BankruptcyHelp representative also added that, “ It would seem that men are generally falling into debt more rapidly than women as many try to maintain their traditional role as the family’s main provider, at the expense of getting further into debt.” He further added that this could ultimately result in the increase in the number of wage earners who are opting for insolvency over the rest of the year. Currently facing 'credit crunch', UK economy is hopeful of getting out from this one.

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