Home > News > Bankruptcy

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`

Young people `more open to insolvency`

09/08/2007

People between the ages of 18 and 34 are more likely to feel comfortable with bankruptcy or taking out an individual voluntary arrangement (IVA), according to new figures.

Research from Mintel found that 22 per cent of people in that age range said they would consider bankruptcy or an IVA, compared with half of those in their grandparents` generation who would be willing to try those debt solutions.

The 18-34 age group was also found to have the highest levels of unsecured debt, with 60 per cent owing money on credit cards, overdrafts and loans.

Todd Davis, senior finance analyst at Mintel, said that credit card deals and overdraft extensions aimed at the younger generation help encourage a more easygoing attitude towards debt and insolvency.

"Bankruptcy is now widely accepted among young adults, mainly because it is the natural follow-on from rising debt but also because the government has made the conditions of bankruptcy less painful."

Consumer credit lending grew by £900 million in June 2007, according to Credit Action.

More than 4 million fear they`ll be made redundant 16/12/2010 - According to R3`s quarterly personal debt tracker, more than 4 Consumers took on more mortgage debt in July 26/08/2010 - Consumers took on £2bn more mortgage debt than they repaid Debts called in by parents 26/08/2010 - According to research, `the bank of Mum and Dad` is Teenagers `scared of debt` 19/08/2010 - Nearly two thirds of teenagers are `scared` of debt, according