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Loans And Credit Cards. Bankruptcy On The UpNew figures have been released showing that in 2005, 67,800 people were declared bankrupt. In the second quarter of 2006 alone, around 26,000 people became insolvent in England and Wales, a rise of 66% on last year. The way its going, it looks like the number of personal insolvencies in 2006 will top the 100,000 mark. So why has bankruptcy become such big business? The main reason is because so many people live beyond their means. Dubbed the spend it like Beckham culture getting credit is far easier than it used to be, and many people take out a mortgage, loans and credit cards using them to fund a lifestyle they cant realistically afford. When they get behind with the repayments, many people bury their head in the sand rather than face up to their problems, and finish up by having their home repossessed and by being made bankrupt. Some financial experts also think that the rise is partly due to insolvency becoming an easy option. Bankruptcy is no longer a dirty word, and recent changes in legislation mean that many bankrupts could find themselves discharged within a year, whereas it used to be two or three years. Also, it is no longer a requirement for bankrupts to have to sell their homes, possibly helped by the upturn in the housing market, which has enabled some bankrupts to be in positive equity despite their inability to pay back their debts. The Governments Insolvency Service stresses that bankruptcy is not an easy ride, and they would be putting pressure on bankrupts to discharge their debts. In particular, bankrupts deemed to have recklessly gotten into debt would be pursued for the losses, with the help of Bankruptcy Restriction Orders (BROs). BROs ensure that bankrupts under the restriction order would not be able to get credit without disclosing their status, start trading under a new name, or hold a company directorship, up to a maximum time period of 15 years. The Insolvency Service estimated that around 10% of bankrupts would also have a BRO to contend with. The problem is not going away for the meantime, thats for certain. High street banks recently announced that their bad debts are already soaring - Lloyds TSB and Egg have both made announcements - and the total British unsecured debt is estimated to be 191 billion. That equates to 3,250 per person in the UK. Call the National Debtline on 0808 808 4000 or visit their website at www.nationaldebtline.co.uk for free and impartial advice on managing your money. More Useful Resource and Updates on unsecured credit cards low limits
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