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Sunday, 27 January 2008 |
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By Steve Smith
 People in one southern county are experiencing an increasing amount of financial difficulty, it has been suggested.
Across Sussex it was revealed that a total of 563 people voluntarily declared themselves as bankrupt over the course of 2007 - an increase of 45 per cent from the previous year, the Argus reports. Out of these, 470 were from Brighton and Hove as the proportion of residents from the two towns struggling with their money surged by 70 per cent. In addition, 53 consumers in Hastings and 40 from Eastbourne also filed for this type of insolvency last year.
In opting for bankruptcy, it appears that increasing numbers of people are finding themselves unable to meet demands for payment on loans and credit cards, as well as other types of financial commitments such as grocery and utility bills, mortgage or rent repayments and council tax.
Marcus Greer from Worthing-based insolvency service NancollasGreer claimed that increasing property prices and average low interest rates during the past ten years have contributed to the country's personal debt growing by 1 million pounds every five |
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Last Updated ( Sunday, 27 January 2008 )
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Sunday, 27 January 2008 |
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By Tom Dawson
 Consumers need to take steps to get to grips with their finances, it has been suggested.
Research carried out by uSwitch has indicated that Britons are increasingly struggling with their money management as about a third of people have no cash left in their bank account by the end of month. Meanwhile, some 4.8 million people spend more money than they earn, as some nine million just about break even. Overall, the average consumer has 157 pounds remaining in their account.
According to the price comparison website, Britain has a "work hard, play hard" lifestyle as people look to use credit to finance a lifestyle of luxury. Between 1997 and 2007, spending on non-essential items went up at 2.5 times the rate of inflation. The study also indicated that debt repayments have gone up by some 104 per cent during this period of time as about six million consumers look to borrow, which could include through loans and credit cards, each month to help supplement their spending.
Not including mortgages, those living in Yorkshire and the Humberside region have the |
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Last Updated ( Sunday, 27 January 2008 )
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