Friday, May 1, 2009

Bankruptcies on the rise

News about the massive increases in the numbers of people being declared bankrupt, and also about the insolvency courts in London, that are dealing with so many cases in a day that it can take only 90 seconds for a ruling to wind-up a company.

The way things are at the moment, if people have little equity in their properties, and a load of other unsecured debts, then the prospect of bankruptcie must be almost appealing.

I mean, you can go through some crap, but you've then got a clean slate. You can rent a place and all of a sudden you don't have any credit payments to make, you can still work, and have more money in your pocket each month
It might take a few years to be able to get credit again, but if people have little chance of clearing their credit in six years, why not dump the lot and wait for it all to drop off the credit score anyway?

I think that this is going to be an attractive option for many people over the next couple of years

Thanks for reading

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