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The high divorce rate of recent in Britain is
a major factor leading to ever increasing levels of debt, a new
report claimed recently.
Debt Free Direct has claimed that the break down
of marriages is a significant factor behind people's financial
problems, which suggests that many are forced to take out a debt
consolidation loan following the completion of a divorce procedure.
The debt advisory agency has reported that those
who are divorced are a third more likely to be declared bankrupt.
Of those divorcees, women are running the highest risk.
Females are 14 per cent more likely to face financial
ruin and are 26 per cent less likely to qualify for an individual
voluntary arrangement, which can prevent bankruptcy.
Heavy debts that are incurred by an ex partner
are a major cause of financial problems, even after a divorce,
with Debt Free Direct finding that an ex's excessive debts are
an underlying factor in almost three in ten bankruptcies in the
UK.
Typically, people in a relationship will take
on debts in joint names with their partner, never believing that
the relationship will end. But when it does the effect of divorce
or separation can seriously heighten the impact of the debt problem,
spokesman Derek Oakley explained.
Mr Oakley advised married or divorcing couples
to take steps to protect themselves from the poor finances of
their partner.
For example, he said, even after divorce, many
couples still hold credit cards and / or store cards in joint
names.
After separation it is important to advise the
credit card company to terminate the joint card. If you do not
do this, you could well be pursued for payments on debts that
your ex partner has run up.
The report contradicts previous assumptions that
debt levels are exacerbated by a growing consumerist culture and
relaxed attitude towards credit.
© Adfero Ltd
Article Source: http://www.article-matrix.com TML offer bad debt
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