Bankruptcy 'can create breathing space'
Bankruptcy 'can create breathing space'
Friday 30th January 2009
This is according to a recent article in the Observer, which states that although bankruptcy is still "the most drastic financial option anyone can take", it has become increasingly popular with indebted consumers.
According to recent figures from the Ministry of Justice, 13,653 British people petitioned for bankruptcy in the last quarter of 2008.
Marc Thomas, a 39-year-old man who was declared bankrupt last November, told the newspaper that doing so had given him and his family some much-needed "breathing space".
He added: "Up until then, opening the post was terrifying … For the last 18 months we've been living on credit cards."
Credit card borrowing was recently described by the Thrifty Scot as the "leading cause of debt problems" among UK people.
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