Debt inflicting heavy casualties on women
A report published by the Consumer Credit Counselling Service (CCCS) has revealed that many women advised to declare themselves bankrupt are refusing because of the “stigma” attached to such a move in the current UK investment climate.
The CCCS has said that 61% of the total number of people it recommends go bankrupt are women and 75% of these are single. A high proportion are older women suffering a financial crisis brought on by job loss or the break-up of a relationship.
Those who refuse to follow professional advice are seen to add problems to their existing ones and their professional and personal lives can suffer badly, according to the CCCS.
Overall, the number of people going bankrupt in the first nine months of last year was up 36% on a year earlier, with those taking out Individual Voluntary Arrangements (IVAs) more than doubling in the same period.
The figures are expected to rise steeply again this year. Accountancy firm KPMG estimates that up to 150,000 people will go bankrupt or take out an IVA in an environment where saving and investment are not paramount.
CCCS chairperson Malcolm Hurlston said: ” It will come as a surprise that we find more people should go bankrupt rather than fewer, but once people are in severe financial difficulty it is in everyone’s interest that they follow best advice.”