- 10
- May
Consumers in the north-west of England are facing rising debt management difficulties, one financial expert has reported.
Suzanne Payne, chief operating officer of Unity Debt Solutions, claimed that consumers in the region are increasingly finding themselves unable to make repayments on personal Loans and other forms of borrowing, reports the Bolton News.
She told the publication: "The instant credit culture continues to grip individuals in the north-west."
Ms Payne added that as the number of consumers filing for individual voluntary arrangements has more than doubled since 2006, Britons are increasingly "unable to service those debts".
Her comments follow statistics by the Insolvency Service which revealed personal insolvencies rose by 23.4 per cent over the first three months of 2007 compared to the same period last year.
Meanwhile, a study conducted by the Edinburgh Gazette indicated consumers in Scotland are facing record debt problems.
The research revealed that 3,860 people in the area filed for insolvency between January and March, a rise of 25 per cent from last year, as they struggled to make loan repayments.
Interfinancial providing you with breaking Personal Loans news.
