Analysis of figures from the Insolvency Service by accountancy firm Wilkins Kennedy has revealed some interesting insights with a notable being that celebrity culture and easy credit are proving irresistible to many young women and they make up the majority of young people falling into bankruptcy.
The report blamed irresponsible spending for the jump in insolvencies. The analysis of figures shows that 1,560 women under the age of 24 declared bankruptcy last year as compared to 1,250 men. Accordingly, women made up 55% of all young bankrupts, which is a rise from 43.8% five years ago. Bankruptcies among the under-24 age group have risen 10% overall in the past five years.
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The report states that the increase in the number of women declaring themselves bankrupt can largely be attributed to credit card debt and mounting mortgage or rent payments, which their typically low monthly salaries are unable to sustain.
Bankruptcy is on the rise for all age groups. Last year there were approximately 67,500 personal bankruptcies across all age groups in England and Wales. This year the total number of bankruptcies in the first quarter has hit a new record high with 35,600 people declaring insolvency, which is equivalent to 566 people a day. The figure is predicted to go up during the coming months.
The figures clearly indicate that immediate measures need to be taken to maintain control over personal finances. You may be facing a bad debt situation because you are unable to pay off your mortgage or your credit card debts have spiralled beyond control. Whatever the reason, it is important that you take stock of the situation before it becomes too late. Remember a bad debt situation is not the end of the world and with careful planning, you can, in all probability regain control over your financial situation.
You can seek debt advice from experts to understand the different debt solutions that are available. Approach some reputed debt management companies and their experts will study your financial situation and accordingly offer you free debt advice on various solutions such as IVA (Individual Voluntary Agreement), debt management plans, or debt consolidation loans. If nothing else works, you can always declare bankruptcy. However, bankruptcy has long term consequences and so you must explore all other possible options before taking the plunge. Again, seek free debt advice to know which debt solution works best for you.
Young Women Overtake Men in Bankruptcy Figures
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