Banks being creative with debt relief, claims moneymagpie.com

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Banks being creative with debt relief, claims moneymagpie.com

Thu 18th Nov 2010

Financial service providers are providing creative options for people in danger of becoming completely insolvent, a representative from moneymagpie.com has suggested.

Jasmine Birtles, founder of the website, claimed personal debt problems are on the rise, but that banks are choosing to offer alternatives to insolvency.

She noted that debt figures have been "surprisingly low" in 2010, but remarked that creditors have utilised management plans to deal with such issues.

"In real terms indebtedness has gone up and will go up next year. We will see a lot more insolvencies next year particularly," said Ms Birtles.

The moneymagpie.com spokesperson cited research by uSwitch.com that showed the number of women going bankrupt has increased fivefold over the past five years.

She put this statistic down to the tendency for females to look after children if a relationship ends.

Recently, candidmoney.com representative Justin Modray predicted an entire generation of people may soon have to learn to be thrifty, as they have got themselves into too much debt with the lifestyles they lead.

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