The figures are expected to rise in future with new laws being introduced in Scotland. The new laws will be in line with England and Wales which will make bankruptcy easier.
October 2, 2006 (Press Release) --
There has been an increase in people getting bankrupt, reports new government figures. New affluent lifestyle has pushed many people into bankruptcy. According to experts rising cost of living and easy availability of loans are the major reasons behind people getting insolvent.
London (shakespearefinance) 23 September 2006: Bankruptcy in Britain had soared as people are finding it hard to repay their loans and credit card bills.
Recent government figures reports that around 30,000 Britons became insolvent in the second quarter of the present year. The numbers for England and Wales was around 26,021 – an increase of 58 per cent for the same period in 2005 whereas the Scottish total soared by 25 per cent, to 3,544.
The figures are expected to rise in future with new laws being introduced in Scotland. The new laws will be in line with England and Wales which will make bankruptcy easier.
Rising cost of living in addition to the increased availability of loans ahs been found to be the reasons behind increased bankruptcy.
Matt Henderson, a business recovery and insolvency partner at Johnston Carmichael, said: “the traditional thrifty nature of people is changing as they now want a more affluent lifestyle and lending companies helped them achieve one. Culturally, there is a change towards more material wealth that says we must have something now, not save for it.
He also said that bankruptcy no longer holds a stigma, anymore.
London (shakespearefinance) 23 September 2006: Bankruptcy in Britain had soared as people are finding it hard to repay their loans and credit card bills.
Recent government figures reports that around 30,000 Britons became insolvent in the second quarter of the present year. The numbers for England and Wales was around 26,021 – an increase of 58 per cent for the same period in 2005 whereas the Scottish total soared by 25 per cent, to 3,544.
The figures are expected to rise in future with new laws being introduced in Scotland. The new laws will be in line with England and Wales which will make bankruptcy easier.
Rising cost of living in addition to the increased availability of loans ahs been found to be the reasons behind increased bankruptcy.
Matt Henderson, a business recovery and insolvency partner at Johnston Carmichael, said: “the traditional thrifty nature of people is changing as they now want a more affluent lifestyle and lending companies helped them achieve one. Culturally, there is a change towards more material wealth that says we must have something now, not save for it.
He also said that bankruptcy no longer holds a stigma, anymore.
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