A recent study suggests that it is not only the excessive spending of the young and reckless that can lead to bankruptcy. Startling figures show that it is in fact the supposedly sound heads of the over-45s that are actually experiencing the greatest increase in the number of bankruptcies.
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Bankruptcy Woes of the Over 45s
October 12th, 2009No debt exemption for high income earners
October 9th, 2009Recent figures released suggest that UK debt problems are not solely the reserve of those on lower incomes. It seems that a near boundless supply of easy credit, followed up with the sting of the credit crunch, has forced even the most affluent to seek out debt support. Admittedly, the roots of their financial strife may be different, as in the vast majority of cases these high earners are not in difficulty through losing their job. Instead it seems to be that these high earners are also big spenders.
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5 Top Tips for High Income Borrowers
October 8th, 2009The credit crunch has left people from all walks of life struggling under the weight of a growing financial burden. Even those who are accustomed to a higher salary may find themselves over-extended and running out of options. Here are five key areas to address… Read the rest of this entry »
Britain: A Holiday Hotspot for Bankruptcy Tourism
October 7th, 2009Bankruptcy Tourism is essentially the term for moving to a country with the sole intent of exploiting their more lenient insolvency laws, writing off your debt, then returning home debt free.
In comparison to the laws surrounding debt and bankruptcy in their own countries, the indebted of Germany, Austria, France and Ireland view the insolvency laws in the UK as temptingly lenient. Southern England, particularly Kent, proves to be a real holiday hotspot for the debt dodging holidaymaker. Recent figures suggest that the number of foreign debtors travelling to the UK in order to take advantage of our easy route to bankruptcy has risen by more than 20 per cent.
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Should there be a cap on personal debt?
September 29th, 2009Debt is an essential part of western world economy and has been for centuries. In the UK alone, 65% of our gross domestic product is consumer related and this consumer spending keeps our economy afloat. Debt plays an essential part in funding this rampant consumerism.
Over the years, personal debt has become easier to accrue and the amount of debt that it’s possible to get into has grown. However, the further we push this side of the fiscal equation, the bigger the payback.
