Mark Sands, national head of bankruptcy at RSM Tenon has said that he believes that people in the UK are now more willing to put themselves into debt – whether by overspending on credit cards or taking out personal loans and overdrafts, we are apparently far less embarrassed about owing money than we used to be. He believes that this is because so many of us find ourselves in this situation that it has, in effect, become the norm rather than the exception.
Speaking from personal experience, he said that when he first started working in the bankruptcy field, some 25 years ago, there was a real stigma attached to bankruptcy and insolvency and such a route was only ever considered as a final option. Mr Sands believes that the pendulum has swung too far in the opposite direction, with many people using bankruptcy as an escape route after maxing out their credit cards.
Does that mean that with Christmas looming ever closer we will throw caution to the wind and spend far too much or will the looming ‘age of austerity’ encourage us to be just a little more sensible?
If you are troubled by debt, whether that’s because you’ve overdone the credit cards, you’ve lost your job, or suffered some other downturn in your circumstances, maybe the information here will help you to find your way out of debt. You’ll find information here about:
- Remortgaging with a poor credit history
- Protecting your home from repossession
- Freeing yourself from credit card debt