Divorce Fuelling Debt Crisis

The high divorce rate of recent in Britain is a major factor leading to increasing levels of debt, a report claimed recently.

Debt Free Direct has argued that the break down of unions is a considerable factor.

The debt agency has reported that people who are screened are a third more likely to be declared bankrupt. Of these divorcees, girls are operating the risk.

Girls therefore are 26 percent less likely to get qualified as well as are more likely to face financial ruin.

Debts which are incurred with an ex spouse are a major cause of problems, even together with Debt Free Direct finding the excess debts of an ex are an underlying factor in nearly three in ten bankruptcies in the united kingdom, after a divorce.

Individuals in a connection will probably take together along with their spouse, never believing that the connection will end. But when it does exactly the effect of separation or divorce could heighten the effects of the debt issue, spokesman Derek Oakley clarified.

Mr Oakley counseled married or divorcing couples to take steps to protect themselves in the financing of their spouse.

By way of instance, he stated, after divorce, most couples still maintain credit cards or store cards in joint names.

After separation it is crucial to counsel the charge card business to terminate the joint card. You could be chased which your spouse has run up, if you don’t do this.

The report suggests past assumptions which debt levels comfortable attitude and are influenced by a consumerist culture.