Recent reports indicate that Britain is currently sitting on more than £24 billion pounds worth of unpaid, unsecured credit.
The news comes in light of a study conducted by a reputable credit management firm, who reveal that some 1 million people are refusing or are unable to repay loan and credit card debt, due to severe restrictions on their personal finances.
In response to the figures and as a result of the continuing difficulties which are affecting the UK’s economy, the firm predicts that their will be a sharp and even unprecedented rise in the number of people made bankrupt or forced to pursue other avenues of alternate debt help over the next 12 months.
In addition, the firm also believes that a rise in home loan repayments, coupled with decreasing levels of disposable income are also likely to further boost unsecured default numbers, whilst fuelling a rise in the number of home repossessions this year.
