People Living In Wales Appear To Be Increasingly Struggling With Their Finances, New Research Suggests

Category: Finance.

People living in Wales appear to be increasingly struggling with their finances, new research suggests.

Furthermore, this type of insolvency has increased by 156 percentage points from the beginning of the century. In figures released by the Insolvency Service earlier this week, it was revealed that some 2, 009 consumers in the principality filed for an individual voluntary arrangement( IVA) over the course of 200Such a figure represents growth of 146 per cent from data recorded in 2005 and an increase of 400 per cent from 200 Meanwhile, 800 cases of, an estimated 2 bankruptcy took place in Wales in 2006, up by 47 per cent from the previous year. Following such statistics it is possible that more consumers are developing problems meeting repayments on borrowing such as mortgages, credit and store, UK personal loans cards and overdrafts. Those living in Caerphilly appear to be under particular money management pressures as the number of people in the southern Welsh town filing for an IVA has gone up by 662 per cent since 200Meanwhile, Newport has witnessed a 629 per cent surge in this type of insolvency during the same period of time. In addition, such people may also find that they experience difficulties with other financial demands such as utility bills and transport costs. From the same year bankruptcies in Merthyr Tydfil and Denbighshire have gone up by 275 and 259 per cent respectively.

Credit card debt is soaring, repossessions are rising and now we see a huge jump in the number of people in Wales going into bankruptcy or turning to IVAs. Cardiff, the biggest city in Wales, has seen IVAs and bankruptcies increase in popularity by 149 and 68 per cent between 2005 and 200 Commenting on the figures, Welsh Liberal Democrat, Jenny Willott MP for Cardiff Central, said: "These shocking figures are further evidence that the ticking personal debt time bomb we have long warned about is starting to explode in Wales. A big problem fuelling the rise in personal debt is the low level of financial literacy and understanding of how best to manage personal finances. " The MP stated that due to a lack of awareness in regards to fiscal matters, many consumers are often" unable to manage their debt effectively" . As such, the Liberal Democrat member reported that both the government and the financial services industry must do more offer to financial guidance to people. "It is time for them to act before thousands more in Wales end up in the red, " Ms Willott added. She went on to claim that there is a" huge demand" from members of the public for advice on money matters. For those who have experienced financial difficulties in the past but wish to avoid filing for bankruptcy or an IVA, taking out a bad credit loan could be advisable.

Taking out a poor credit loan could be of assistance to an increasing number of people after recent figures by the Ministry of Justice indicated that Britons looking to file for bankruptcy surged from 52, 717 in 2006 to 53, 114 last year. This type of loan might be useful for consumers who have previously struggled with money in the past but are now confident about their capacity to meet demands for payment.

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