Debt -
Bankruptcies 'to rise this year' - 04/01/2008
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Over the course of 2008, rates of personal insolvencies will increase, the Consumer Credit Counselling Service (CCCS) said today.
The charity's statement - that a rising bankruptcy rate was a "fair assessment" of the situation - follows research released earlier this week by accountants Grant Thornton, which claimed that 28,000 would become insolvent by April 2008.
Those who become insolvent in the UK have the option of declaring bankruptcy or taking out an Individual Voluntary Arrangement (IVA).
CCCS spokesman James Ketchell commented: "Most of [these insolvencies will be] bankruptcy rather than IVAs.
"Bankruptcy seems to have a very bad stigma attached to it, and people for that reason do not go through with it - however we view it as a solution, another way of sorting out one's financial situation."
Against this gloomy economic outlook, some hope for the future is offered by a Guardian ICM poll conducted at the end of last month.
A majority of Britons (55 per cent) were found by researchers to be confident about the state of their personal finances.
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