Personal debt 'will remain high for some time'

Money News

www.moneynews.co.uk > Debt > Personal debt 'will remain high for some time'

Topics

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet

Features

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet

Companies

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet

Money News

bullet
bullet
bullet
bullet
bullet

Personal debt 'will remain high for some time'

A personal finance expert has predicted that debt could remain high for a while, as many people simply cannot afford to pay off the money they owe.

Director of Credit Action Chris Tapp described how the UK is currently getting over the "debt binge" of the last ten years of so, but there is a lot of unemployment around and plenty of individuals have had to cut down on their hours of work.

In his view, these two factors combined are causing trouble, since people are in danger of running into severe debt problems because they cannot afford to pay their current debts off.

Mr Tapp stated: "I think we will still continue to see personal insolvencies very high for some time until employment begins to filter back into the system and more people can get back into jobs."

These comments follow news from the Insolvency Service, which indicated that the number of individual insolvencies in England and Wales in the first quarter of 2010 increased by 17.9 per cent compared to the same period in the previous year.

Click here for more debt newsADNFCR-323-ID-19772641-ADNFCR

Related News : Debt

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet