Insolvencies increasing in 2008 According to The Debt Counsellors
Insolvencies are set to increase this year to record levels, so why are people falling into this trap? Should Credit companies do more to help their clients out?
(PRWEB) January 28, 2008 -- At this time of year the credits card bills are dropping through the letter box, and for some people it is the last nail in their credit coffins. Increased debt, coupled with the ease at which credit can be given means for many others the slippery slope of debt may be starting.
The latest survey results conducted by The Debt Counsellors (www.debtcounsellors.co.uk) shows that people believe that getting credit is still too easy. Out of 348 people who participated in the survey, 149 (42%) strongly felt that gaining credit was easy.
So this begs the question, who is at fault? Is it the individual, who is an adult and should be responsible for their actions. Is it the lifestyle people have, always wanting more? Or is it the credit companies offering easy credit, even to supposedly, 'high risk' individuals.
John Porter, Senior Counsellor with The Debt Counsellors, said "With the recent credit crunch and banks getting twitchy about lending money, the options for people have decreased, especially with the mortgage market. People who where in 'High Risk' but gaining a mortgage before the crunch could be facing very a difficult future". He went on to say "As banks are taking less risk with lending, and high risk borrower will be looking for a deal, but they are not out there. They may have to stay with their existing mortgage, which could be much more expensive once it come out of a benefit period, such as a fixed rate. This can increase their outgoings substantially and coupled with the lifestyle many live, this could mean increased financial pressure".
The Debt Counsellors (www.debtcounsellors.co.uk) survey also showed that 210 people out of 345 (57%) agreed that credit companies did not adequately check the applicant could actually afford to pay back the money they borrowed from them.
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