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Debt in Swindon `on the rise` New debt management option "a positive step" Consumers `should get advice over IVAs, bankruptcies and DROs` Women `less likely to file for bankruptcy` Councils `filing for bankruptcy for those who fail to pay tax` Consumers lying about finances Rise in bankruptcies revealed Scottish bankruptcies on the rise, new figures suggest Borrowers `accruing more debt before seeking IVAs` Bankruptcies `high in south-west` Landlord bankruptcy enquiries `on the up` Increase in bankruptcy figures for another CAB Bankruptcy "best option" for some households 90% "choosing to `jump before they were pushed`" R3: Bankruptcies and IVAs to rise over next 12 months Insolvencies rise for automotive companies Fuel price hike sparks bankruptcy fears London bankruptcies have "quadrupled" Government department identifies fall in bankruptcy levels Insolvency figures `hide true extent of debt problems`

Bankruptcy and debt `embarrassing life situations`

04/05/2007

Despite the rising level of debt shared by many in Britain, some still view declaring bankruptcy and getting into debt as a social taboo, according to new research.

A survey by credit report provider Experian found that 18 per cent of respondents cited bankruptcy as their most embarrassing life event.

In addition, 11 per cent said that getting into debt was the most embarrassing thing that had happened to them, the figures indicate.

Jim Hodgkins, managing director of CreditExpert.co.uk, the company`s website, said that despite some social discomfort with debt, many in the UK continue to borrow money at an alarming rate.

"While many still see big debt as socially unthinkable, the reality is that an increasing number are finding it difficult to gauge when debt tips over to being unmanageable," he said.

"With the current rise in interest rates, many will find that debt they blithely ignored is in danger of spiralling out of control."

The Bank of England`s monetary policy committee is due to decide whether it will raise interest rates again next Thursday (May 10th).

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