Home > News > Debt advice

More than 4 million fear they`ll be made redundant Consumers took on more mortgage debt in July Debts called in by parents Teenagers `scared of debt` Rising household costs could pressure people in debt Pensions debt may impact workers` retirement funds Welsh young adults `at highest risk of debt problems` Over 50s can`t afford to enjoy retirement because of debts Budget: tackling the nation`s debt Short-term debt: `no need for price control` The cost of clearing debt Education debt Tackling the national debt Number of mortgage deals on offer exceeds 3,000 Almost 5 million take on debt to pay household bills OECD: household debt more than 120% of disposable income Petrol price falls help people in debt Amount of mortgage debt taken on at lowest level in ten years Northern Ireland sees significant IVA rise Overdraft debt `becoming more expensive`

Bankruptcy `not an easy way out` of debt

21/08/2009

The latest personal insolvency figures reveal that in Scotland, almost 500 people were declared insolvent every week between April and June, The Scotsman reports.

With personal insolvencies at an all-time high in Scotland, the figures indicate that an increasing number of Scottish residents found they were facing unmanageable debt in the second quarter of 2009.

As a result of excessive spending, tighter credit controls and a rise in unemployment, there is now a `major problem` with personal debt in Scotland, The Scotsman points out, adding `it should be noted that any form of bankruptcy has an impact beyond the one year period and that your financial viability can be seriously impaired for three to five years`.

A spokesperson for Debt Advisers Direct commented: "Although bankruptcy - or a Trust Deed - is the best way out of debt for some people, others may find that an alternative debt solution is more appropriate.

"Anyone struggling with an unmanageable level of debt should contact a professional debt adviser without delay. Different debt solutions have different advantages and disadvantages, and a professional debt adviser should have the experience to help each individual find the debt solution that`s most appropriate for them."

---

Debt Advisers Direct offer free debt advice and a range of debt solutions, including debt management plans, debt consolidation loans and IVAs (Individual Voluntary Arrangements).

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