Bankruptcy advice may be needed soon, says moneysupermarket.com
www.moneynews.co.uk > Debt > Bankruptcy advice may be needed soon, says moneysupermarket.com
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Money News |
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Bankruptcy advice may be needed soon, says moneysupermarket.com
Mon 9th Aug 2010
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Tim Moss, head of loans and debt at the price comparison site, suggested that the number of people suffering from this type of financial problem could be set to rise.
In his view, the UK should not assume it is "out of the worst of it" in terms of such money issues, since a rise in interest rates could push certain households over the edge.
"Many people are just about making ends meet due to the low Bank of England interest rates keeping the cost of mortgages down," Mr Moss said.
He stressed that figures showing a drop in personal insolvencies should be welcomed, but it could well be the calm before the storm.
The figures referred to were produced by the Insolvency Service, which indicated that insolvencies for the second quarter of 2010 were down by 9.9 per cent compared to the same period of 2009.
Click here for more debt news
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