Tuesday, January 30, 2007

Many in UK Facing Debt Problems Fear Bankruptcy

If you didn't pay close attention to this story, you would swear it about events in the United States.

Of course, most debt problems here in the U.S. are due to medical bills, not overuse of credit.

Thousands of women who are in desperate debt are shying away from bankruptcy because of the social stigma.

Refusal to take this difficult decision is piling on misery and creating even greater debt problems, according to a study from the Consumer Credit Counselling Service.(CCCS)

The CCCS says that 61 per cent of the people it recommends to go bankrupt are women - three quarters of these are single.

However, more than half of these women refuse to take this drastic step, seeing it as a sign of shame and failure.

It seems many of these are older women who have been plunged into a sudden financial crisis by the break-up of a relationship or job loss.

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