Rising Unsecured Debt In Britain

Aug. 18, 2008 - PRLog -- BankruptcyHelp and online finance site IVA has revealed that in the last three months, the average amount of debt has gone up. According to reports, Britain alone has on average per capita 9,090 pounds of unsecured debt. This figure shows an 8% rise.

Consumers so struggle more due to the rise in the levels of debt. They have to manage their demands for borrowing credit cards, personal loans and also other monetary commitments like mortgages, utility bills and transport costs. So, it appears that financial difficulty is felt by men. Males are known to have unsecured debt of 9,500 pounds. It is actually a rise of 13 percent in the past three months. However, man are not alone, as woman too have 8,670 pounds unsecured debt on average.

In a bid to combat ones difficulties, it is revealed that people are filing for insolvency. At present 5 percent of Britons, that numbers to1.9 million, consumers are considering applying for bankruptcy. The study also reveals that people are arranging for individual voluntary arrangement (IVA). It is revealed that an equal proportion of men and women are thinking about IVAs.

“The credit squeeze has left people with far fewer options when trying to deal with rising unsecured debt. The usual avenue of remortgaging to pay off unsecured debts has been severely narrowed and the reduction of mortgage products available is leading many to consider formal insolvency” is what Andy Davie, spokesperson for IVA and an author on debt has to say.

Meanwhile, Julian Donnelly, a representative of BankruptcyHelp, says, “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.”

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