On average, over 100,000 people a year are declared bankrupt, with nearly 25,000 of these declarations ending in household repossession.
Mismanagement of personal finances is being blamed for these statistics, with a firm finger being pointed at British spending habits, especially where non-essential items are concerned. This accounts for a staggering 169 billion of spending, while the figures for bad credit are continually increasing.
Once debt begins to accrue, a consumers credit score can be affected negatively as well, making it harder for them to qualify for loans, mortgages, finance deals or credit card applications. Those that do manage to slip through the net can expect to pay much higher rates of interest than their solvent neighbours.
For those who are declared bankrupt or insolvent, the road to solvency and a good credit rating can seem a long and arduous one. It may seem there isn’t a way out.
However, many of the consumers affected in this way are discovering that their financial problems can be eased by using the equity that already exists in their homes and making it work for them.
There is now a rise in the number of...
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