Debt Has Become An Increased Problem In The UKposted on 10 August 2010 | posted in General Category | ( 0 ) CommentsHoliday debt has become an increased problem in the UK and this is adding to our predicted rise in personal insolvencies such as bankruptcy which we will continue to see this year and next. The Association of Business Recovery Professionals (R3) has released new figures which state that holidaymakers will take seven months to pay back the average sum of over £1000 they borrowed to pay for their holiday. The research looked at how the economic recession has affected holidaymakers’ habits. It found that: Those holidaying from Scotland are most likely to borrow to pay for their holiday, 10% of people from London said that the cost of their holiday would be paid for by borrowing, Those from the North West, Yorkshire and the West Midlands are least likely to borrow to pay for their holiday, The research also illustrated a generational split, with holidaymakers between the ages of 16 and 24 being the most likely to borrow and those over 65, the least likely to borrow. R3 Vice President, Frances Coulson, remarked: That people are prepared to take on a substantial amount of debt for such a long period of time in order to afford a holiday is worrying, especially as these are still economically uncertain times. Personal insolvency hit record levels in the first quarter of this year and looks set to rise – so we’re urging people not to spend more than they earn. We are predicting that bankruptcies in England and Wales will rise dramatically in the coming months, as people realise that it is a suitable debt solution and its not all doom and gloom. We have to remember that there are going to be lots of job cuts and the spending review to come, this will increase personal debts and people will be looking for help and a way forward. We offer fair and impartial debt advice on a range of issues. You can contact Integrity on line or call 0333 666 0666 for free advice and support to help manage your debts and find a solution that's right for you. Share this blog entry:
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