Press Release
Burden of Unsecured Debt Easing for UK Consumers
2 August 2007
Despite expecting a rise in personal bankruptcies, the UK’s leading debt charity believes that borrowers are cutting back their commitments on unsecured credit.
In advance of insolvency statistics for the second quarter of 2007 (due to be published this Friday August 3) CCCS chairman, Malcolm Hurlston said:
“There is little doubt that IVAs will be down, reflecting the increasing dissatisfaction of creditors with the for-profit IVA sector. Bankruptcies are likely to be up and calls to CCCS helplines are up which suggests that people are contacting us earlier when financial counselling can resolve their problems. Consequently there have been fewer clients for whom a DMP is best advice.
“A better understanding of how to keep on top of unsecured debt is reflected in the slow-down in unsecured borrowing over the last couple of years.
“The biggest problem today for consumer borrowers is no longer the ubiquitous credit card; rather it will come from secured borrowing and the rising cost of mortgage debt.”
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