Financial insolvency 'less of a financial stigma'

www.moneynews.co.uk > General finance > Financial insolvency 'less of a financial stigma'

Financial insolvency 'less of a financial stigma'

Tue 8th May 2007

Financial insolvency is much more commonplace among Britons than ever before, debt consultancy Thomas Charles has commented.

James Fall, managing director of the group, believes that greater financial commitments than ever, in the form of marriages, children and general living expenses, means that Britons are living in a so called 'credit culture'.

He said that with people discussing their financial situations more openly than ever before, having to declare insolvency was not the social taboo that it once was.

Mr Fall said that the situation "comes in hand with credit being less taboo. Credit is not a taboo subject".

Although he said that declaring bankruptcy or entering into a individual voluntary arrangement should not be mistaken as an easy option, he said that as a "last resort" measure, it was becoming more socially acceptable.

Increased spending as people go through life was resulting in more older people visiting the debt consultancy.

Related News : General finance
	Citizens Advice welfare applauds government
	Confused.com energy defends British Gas
	Bank of Ireland passes stress test
	Tesco Mobile deal 'courts consumers'
	Scottish Widows Investment Partnership notes favourable response
	Customers should fix now, says moneysupermarket.com energy
	Confused.com highlights importance of getting the best deal
	Prices on the rise, says moneysupermarket.com energy
	Bank of Scotland economic report 'suggests transitional phase'
	Clydesdale and Yorkshire Banks security advice issued