Latest Debt News
Bleak financial future predicted
18/01/2006 17:10:00
A bankruptcy expert has stated that the worst is still to come for individuals and companies when it comes to dealing with debt and insolvencies.
Ric Traynor, chairman of Begbies Traynor, an insolvency accountant, believes that debt problems will deepen as people struggle against credit card debt and loan sharks, the Evening Standard reports.
"The next five years [for the economy] is going to be a lot tougher than the last five," Mr Traynor said.
Aside from debt caused by cheap credit, ever-growing energy costs were highlighted as another reason to push the numbers of personal bankruptcies up.
Mr Traynor also stated that the current financial climate would prompt sustained increases in the number of people seeking individual voluntary arrangements (IVAs), as more people aim to stave off the ignominy of bankruptcy.
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