Business Insolvency North-South Divide Bad News For Personal Debt Too

The latest business insolvency figures indicate that the North of England is at the greatest risk of unmanageable personal debt as a result of job loss.

The Insolvency Index from global information services company Experian shows that business insolvency rates in the North increased in November, while equivalent rates in London and the rest of the South fell.

The North West experienced the highest rise, with the South East doing best.  

Debt Advice Foundation managing director David Rodger commented: “Very few of us have a big enough financial cushion to withstand redundancy, and debts mount up very quickly, particularly at this time of year.”

“It’s crucial for people to seek advice and talk to their bank, mortgage lender or landlord and energy company as soon as they hear that their job might be at risk.  Most of these will try to help by spreading payments or putting together a plan to cover the period while you are looking for another job.”

“Trying to hide from mounting debts is absolutely the worst thing to do.”

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