Clear Start org Asks if People Actually Want an Alternative to Bankruptcy
Released on = May 12, 2006, 10:45 am
Press Release Author = Clear Start
Industry = Financial
Press Release Summary = Although many people are actively seeking an alternative to bankruptcy, there are still plenty of others who see it as a route out of their debt troubles
Press Release Body = The number of bankruptcies is rising at an alarming rate. In 2003 around 45,000 people were declared bankrupt in the UK. However, by the end of 2005 this figure had surpassed 70,000.
Worryingly, the number of bankruptcies recorded in 2005 was much higher than the figures recorded when the British economy was last in recession in 1992.
According to Clear Start, the UK's National Consumer Debt Advice Service it is not the rate of bankruptcies alone that is really concerning. A Clear Start spokesman said,
"Of course the increasing number of bankruptcies being recorded in the UK is very worrying. But more worrying is that fact that people are actually choosing to go bankrupt."
According to Clear Start, which receives thousands of calls each week from people in serious debt, bankruptcy is being seen by many as a solution to debt problems rather than as something that should be avoided.
"Although many people are actively seeking an alternative to bankruptcy, there are still plenty of others who see it as a route out of their debt troubles"
This is a very misguided attitude. Bankruptcy has many serious and long term disadvantages and penalties associated with it. For example, it is not unusual for bankrupts to lose their homes or find it practically impossible to obtain any sort of credit.
Therefore, do not be fooled into thinking that bankruptcy is an easy option. Instead it has many negative consequences and really should be avoided at all costs.
Web Site = http://www.clearstart.org/avoid-bankruptcy.php
2022
