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Sussex Residents 'Struggling With Debt'

Jan 23, 2008
People in one southern county are experiencing an increasing amount of financial difficulty, it has been suggested.

Across Sussex it was revealed that a total of 563 people voluntarily declared themselves as bankrupt over the course of 2007 - an increase of 45 per cent from the previous year, the Argus reports. Out of these, 470 were from Brighton and Hove as the proportion of residents from the two towns struggling with their money surged by 70 per cent. In addition, 53 consumers in Hastings and 40 from Eastbourne also filed for this type of insolvency last year.

In opting for bankruptcy, it appears that increasing numbers of people are finding themselves unable to meet demands for payment on loans and credit cards, as well as other types of financial commitments such as grocery and utility bills, mortgage or rent repayments and council tax.

Marcus Greer from Worthing-based insolvency service NancollasGreer claimed that increasing property prices and average low interest rates during the past ten years have contributed to the country's personal debt growing by 1 million pounds every five minutes. He told the publication: "Today alone in Britain, 7,716 loan repayments will go unpaid, 2,750 county court judgements will be issued and 77 properties will be repossessed. The average person now sees over half their net income eaten up by debt repayments and according to uSwitch, 23 per cent of Brits class their current level of borrowing as 'no longer manageable'."

Pointing to research by the price comparison website, Mr Greer reported that many people struggling with their finances take out a personal loan as means of debt consolidation, so helping them to manage repayments with greater ease. However, it was pointed out that two-thirds of these people will go on to accrue further payable sums. "It is a road to disaster," he claimed.

Stating that "debt is still increasing rapidly," the insolvency expert also suggested that those who are experiencing financial difficulties often see their health and relationships with loved ones deteriorate. Looking at findings from the Financial Services Association, he stated that talking about money is often a "taboo subject" within the home as about three-quarters (74 per cent) of couples find that fiscal worries are the hardest thing to talk about.

Mr Greer reported that those concerned about monetary problems they may encounter should seek out professional advice as soon as possible. In doing so, he stated that consumers may have more options available to them.

Indeed, from receiving such guidance it is possible that people may identify a consolidation loan as a means of getting back on their financial feet. Taking out this type of loan could allow borrowers to pay off a number of debts quickly and easily.

Applying for a cheap consolidation loan may help consumers meet demands for payments on areas such as credit cards, loans and overdrafts, all at once - so leaving them with a single low-rate repayment to make each month. This could cause people to have more disposable income. Earlier this month, James Ketchell, spokesperson for the Consumer Credit Counselling Service, claimed that at this time of year those who have overspent during Christmas should take steps to reduce their expenditure and look to avoid splashing out in the January sales.
About the Author
Steve Smith writes for 1 Stop Finance Shop, a one stop, Personal UK Loans Shop, with information on adverse credit loans and cheap debt consolidation available on site.
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