Personal Insolvencies 2008

More news Those who help family or friends with debt often face financial problems from doing so Record numbers go bankrupt in England and Wales over 55s more likely to experience debt problems than younger age groups People in their early thirties have biggest debts and are most likely to miss repayments Debt firms told to drop misleading TV and radio advertising Bailiffs to get more powers but not much needed regulation Citizens Advice warns Citizens Advice Bureau reports sharp rise in debt problems Record number of people going bust - and it's set to get worse	Personal insolvencies could rise in 2008 because of consumer debt - PricewaterhouseCoopers Consumer indebtedness has more than doubled since the start of the millennium according to the Precious Plastic 2008 report on consumer credit by PricewaterhouseCoopers LLP. The average adult now owes £33,000, compared with £17,000 in 2000 and PricewaterhouseCoopers believes there could be a spike in personal insolvencies next year as a result of over-borrowing by consumers and fixed rate mortgage deals coming to an end. PricewaterhouseCoopers estimates that more than a million households that benefit from fixed-rate mortgage deals that end during 2008. And they could see their average monthly mortgage repayment increase by around £140 if they do not re-finance their debt on similar deals. And that might be as easy as irt once was with both banks and building societies tightening their lending criteria. “There are tough times ahead for both consumers and credit card companies," said Richard Thompson, partner at PricewaterhouseCoopers LLP. "Banks are continuing to take action in response to the rise in consumer debt by tightening their credit acceptance policies. Many consumers will find it increasingly difficult to obtain credit in the run-up to Christmas.” November 26th, 2007

More news

Those who help family or friends with debt often face financial problems from doing so

Record numbers go bankrupt in England and Wales

over 55s more likely to experience debt problems than younger age groups

People in their early thirties have biggest debts and are most likely to miss repayments

Debt firms told to drop misleading TV and radio advertising

Bailiffs to get more powers but not much needed regulation Citizens Advice warns

Citizens Advice Bureau reports sharp rise in debt problems

Record number of people going bust - and it's set to get worse

Personal insolvencies could rise in 2008 because of consumer debt - PricewaterhouseCoopers

Consumer indebtedness has more than doubled since the start of the millennium according to the Precious Plastic 2008 report on consumer credit by PricewaterhouseCoopers LLP.

The average adult now owes £33,000, compared with £17,000 in 2000 and PricewaterhouseCoopers believes there could be a spike in personal insolvencies next year as a result of over-borrowing by consumers and fixed rate mortgage deals coming to an end.

PricewaterhouseCoopers estimates that more than a million households that benefit from fixed-rate mortgage deals that end during 2008. And they could see their average monthly mortgage repayment increase by around £140 if they do not re-finance their debt on similar deals. And that might be as easy as irt once was with both banks and building societies tightening their lending criteria.

“There are tough times ahead for both consumers and credit card companies," said Richard Thompson, partner at PricewaterhouseCoopers LLP. "Banks are continuing to take action in response to the rise in consumer debt by tightening their credit acceptance policies. Many consumers will find it increasingly difficult to obtain credit in the run-up to Christmas.”

November 26th, 2007

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