There are people in areas all around the UK that are in huge levels of personal debt and have had to opt for insolvency in order to keep their heads above water financially and afford to live. However, some areas are worse than others when it comes to personal debt and a recent report has named Northern Ireland as one of the UK’s debt hotspots.
The data was released by the Consumer Credit Counselling Service, which said that Northern Ireland was one of the UK’s personal debt hotspots, with the charity adding that it had dealt with more bankruptcy cases in Northern Ireland than in anywhere else in the UK.
Many people in the area were found to be unable to cope with their financial commitments and outgoings and were in danger of falling even further into debt. An official from the charity said that people did not usually seek help until their money problems had become quite serious. She said that as a result of this their debt issues became that little bit worse each month until they had no option but to seek assistance.
She stated: “Many people suffer from a budget deficit and as a result they sink into a bigger hole each month. There are a lot of myths around why people get into debt in terms of overspending but this is not always the case. In most cases it is an income shock, maybe people have lost their job through redundancy or have had a marital breakdown.”
The CCCS figures for 2010 showed that London was the place where there had been the highest demand for debt advice whilst Northern Ireland had seen the highest levels of bankruptcy and Individual Voluntary Arrangement recommendations.
Tags: danger, Consumer Credit Counselling Service, result, debt hotspot, Voluntary Arrangement recommendationsRelated posts:
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