Secured loans could help as insolvency rise predicted
11/01/2008More people could be sliding into unmanageable debt this year as one expert predicts 2008 will see an increase in personal insolvencies.
According to a spokesman for Thomas Charles & Co, a number of analysts have predicted that personal debt is set to rise this year, following the financial instability of late 2007 - which could lead many to consider the benefits of debt consolidation or secured loans.
James Falla, director of the firm, cited a recent statement from KPMG which said that personal insolvencies this could increase by as much 30 per cent on 2007.
"There are quite a few predictions to say that there will be an increase and I actually think that's right," he said.
Many people struggling with mounting bills and credit card repayments find that a secured loan can offer a way to make their debts more manageable.
According to figures from the Insolvency Service the second quarter of 2007 saw 26,956 individual cases of insolvency in England and Wales.
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