/24-7PressRelease/ - LONDON, UK, August 27, 2006 - According to a report by the Department of Trade and Industry (DTI), there might be a sharp rise in number of bankruptcy over the next three years. The data for this year's second quarter showed a record high of 26,000 insolvent people in England and Wales, and the situation is supposed to worsen in the coming years.
The Department of Trade and Industry revealed in its report on personal debt that by March 2009, number of bankruptcy may nearly double in UK to reach whooping 28,000. The report takes into account mortgage arrears, credit card debt and increasing demand for debt advice agencies along with official bankruptcy.
However, the government declines suppositions that recent reforms in the law have made more people declare themselves insolvent. It says that the Enterprise Act of 2002 has rather made it possible for people to exit bankruptcy in a year rather than three.
The DTI admits that though the number of people having enormous debt is small, but constantly rising tolls trigger worries for the future.
The FSA pointed out that despite sudden expenses and unexpected drops in income; people are bad at saving for long terms.
Consumer Credit Counselling Service (CCCS), one of the major players amongst debt advisory agencies, disclosed that their maximum number of clients ask for help regarding credit card problems. This is common amongst those aged between 53 and 59. As put forward by CCCS, much of the debt problems are a consequence of easy availability of credit cards.
For additional information on the news that is the subject of this release (or for a sample, copy or demo), contact the webmaster or visit http://www.finance-hub.co.uk
For additional information on the news that is the subject of this release (or for a sample, copy or demo), contact the webmaster or visit http://www.finance-hub.co.uk
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