Consumers Warned Over Growing Personal Debt Concerns

Tue, 06 May 2008

UK consumers should take note of analysts’ warning signs on personal debt, a financial expert has warned.

Charles Turner, director in business recovery services practise at PricewaterhouseCoopers, said that the growing personal insolvency figures are unsustainable "in the long term" for the UK economy .

According to the government's insolvency service, 25,264 people in England and Wales became bankrupt or entered into an individual voluntary arrangement (IVA) during January and March - a 1.7 per cent increase on the previous quarter, but a decrease of 13.2 per cent on the same period in 2007.

Mr Tuner warned: "Consumers need to realise the consequences of entering bankruptcy or an IVA and the wide ranging impacts it can have on their lives."

"These can range from difficulties in getting a mortgage to not being able to make routine purchases."

He advised consumers to study their personal budget closely, put a stop to unnecessary spending and budget within their limits in order to stay clear of personal debt .
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