UK Money News
3rd January 2008
Higher financial pressure 'will boost money troubles'
The credit crunch and increased pressure on consumers' finances is likely to cause a rise in the number of bankruptcies and insolvencies in the year ahead, it has been claimed.
According to Debt Help UK, a firm which provides help with finance information to those experiencing trouble with debt, the number of people applying for individual voluntary arrangements is also likely to increase during 2008.
Iain Wrenshall, director of Debt Help UK, said: "The numbers of IVAs have risen over the previous five years, albeit that towards the end of 2007, the numbers were actually reducing slightly.
"But that's mainly down to, we believe, the creditors putting pressure on the terms and criteria that debtors are allowed to put forward for IVAs."
He added that those coming to the end of fixed-term mortgage were likely to see costs rise significantly, having previously benefited from comparatively low rates of interest.
Meanwhile, finance news from price comparisons service uSwitch suggests that at the current time around £222 billion is owed by British consumers in the form of credit cards and unsecured loans.
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