According to The Consumer Credit Counselling Service, it recommended bankruptcy to over 9,900 clients, during the first three quarters of last year. However over half of the clients advised, decided against this option and The Consumer Credit Counselling Service found that women were too proud to accept bankruptcy as a solution to their problems.
The Chairman for The Consumer Credit Counselling Service said: ‘bankruptcy is best for 15 per cent of the people we counsel.’
Our view
Credit is all too easily available and bankruptcy is an easy option when you become unstuck. The problem is that once you file for bankruptcy, it stays with you forever. It is an offence to not disclose in the future and many do not. Lending institutions are their own worst enemies, they lend too much, too easily and they suffer the penalty if bankruptcy is declared by a debtor.