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Those From Suffolk Are 'Struggling With Debts'

Nov 16, 2007
More people in Suffolk are struggling with their money management, new figures indicate.

In statistics released by the Ministry of Justice, the proportion of residents in the county who are declaring bankruptcy has surged by 13 per cent over the course of three months. Between April and June, some 162 people filed themselves under this type of insolvency, however in the following quarter, from July to September, 186 made such a petition, reports the East Anglian Daily Times. As a result it appears that more consumers are finding themselves unable to meet financial commitments ranging from personal loans to mortgage payments.

The data also revealed that those living in Ipswich appear to be driving the county's money management difficulties. An estimated 125 bankruptcies were filed in the town during the third quarter of this year, in comparison to the 61 applications noted in Bury St Edmunds during the same period of time. Analysing the government statistics, accountancy firm KPMG claimed that both the towns have now become bankruptcy "hotspots".

Commenting on the figures, Mark Sands, director of restructuring for KPMG in the east of Britain, reported that many households are seeing their finances become "severely affected" as a result of rising debt levels, the impact of the base rate rises by the Bank of England's money policy committee since August 2006 and other monetary constraints. Mr Sands also asserted that the effects of the recent credit crunch have made it increasingly difficult for consumers to "refinance existing debt", whether this is through a consolidation loan or otherwise. In turn he reported that the pressure placed upon those who are already currently struggling to manage their money is set to increase even further.

He added that in an attempt to get themselves back on their financial feet after becoming unable to make personal loans and other financial demands, "it is unsurprising" that an increasing number of people are looking towards insolvency.

Meanwhile, David Ruffley, MP for Bury St Edmunds, reported that despite the county's reputation of prosperity the impact of the credit crunch is hitting both individuals and local businesses "hard". Earlier this year, Mr Ruffley obtained a study which revealed that repossessions in Ipswich increased from 60 in 2002 to stand at 192 in 2005. Over the same duration of time, repossessions in Bury St Edmunds surged from 18 to 117, as consumers become unable to meet demands for payment on mortgage, rent costs, secured loans and other financial areas.

As a result, those people who find that they are beginning to struggle financially may wish to consider applying for a debt consolidation loan. In doing so, borrowers could well discover that they have more disposable income left each month, as well ass being able to avoid the damage that bankruptcy can bring, as applications for insolvency often impair consumers' credit histories and cut off their access to cheap loans in the future. Taking out a debt consolidation loan could also be advisable for a number of consumers after research conducted by YouGov for Thomas Charles revealed that 15 per cent of Britons have unsecured debts of over 10,000 pounds.
About the Author
Steve Smith writes for 1 Stop Finance Shop, a one stop, Personal Loans Shop, with information on bad credit loans and debt consolidation loans available on site.
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