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It may be nice to be beside the seaside, but it would appear that living on the coast of the UK is one of the worst places to be for loan arrears, bankruptcies and other loan and debt problems, according to a new survey.

The survey, which has been conducted by the accountancy firm Wilkins Kennedy, has found that towns on the coast of Britain are high up in the top fifty areas for personal loan debt problems, such as loan arrears and particularly bankruptcies.

Bankruptcies through loan arrears and defaults are particularly high in towns such as Blackpool, Plymouth, Eastbourne and Hull and this is the second year in a row that these places have topped the charts for loan problems.

However, it seems that it is not only coastal areas that suffer with loan problems and are unable to manage their finances, figures from the insolvency trade body R3, have shown that almost half of individuals in the UK run out of money from their salaries after about twenty days into the month, leaving them to depend on personal loans and credit cards to see them through to the next pay day.

For those who are struggling to stay on top of their personal loan and credit card repayments, it is important to seek professional advice at the earliest opportunity, in order to avoid larger loan difficulties later on.

John Fairhurst of Payplan believes the problem could become even worse, he said “Bankruptcy is nothing new but it does seem to be gaining its fair share of the headlines. One in five people work within the public sector, government cut backs will inevitably lead to job losses and for some this will mean financial trouble.”

“The secret is to nip a financial issue in the bud, the longer it is left, the bigger it becomes.”