Released on = May 26, 2006, 8:59 am

Press Release Author = Victoria Selman

Industry = Financial

Press Release Summary = Clear Start, the UK's National Consumer Debt Service, has
uncovered some worrying facts about bankruptcy

Press Release Body = Clear Start, the UK's National Consumer Debt Service, has
uncovered some worrying facts about bankruptcy.

Recent research carried out by the organisation has shown that the majority of
bankrupts in the UK borrow to pay for lifestyles that they cannot afford.

It is not unusual for these people to run up huge debts on their credit cards so
they can buy whatever they want. Their spending habits are totally out of line with
what they are earning.
Unlike their grandparents who saved up to buy things they wanted, today's 30
something's believe in immediate gratification.

According to a spokesperson for Clear Start,

"Rising levels of bankruptcy are being fueled by a reluctance to live within our
means. Credit card companies make it very easy to borrow money and then sting people
with exorbitant interest rates when they do."

Clear Start has found that many people that they counsel are often unaware of how
much they owe until their debts start to spin out of control.
As a result, it is advising consumers to take preventative measures against getting
into debt so they can avoid having to take the drastic step of going bankrupt:

"Careful budgeting and good money management is the best way to avoid bankruptcy"


Web Site = http://www.clearstart.org/avoid-bankruptcy.php

Contact Details = 5th Floor, Horatio House
77 Fulham Palace Road
Hammersmith
London
W6 8JA
Tel: 0800 138 5445
Fax: +44 (20) 8237 9756