Personal insolvencies partly blamed on credit

Published on 1 January 1970 by Raffick Marday

The Consumer Credit Counselling Service has published figures showing a steep rise in the number of personal insolvencies over the past year.

During 2009 the CCCS recommended insolvency to nearly 40 thousand of its clients; they also suggested bankruptcy to more than 20,000 people and Individual Voluntary Agreements to nearly 12 thousand.

This is an annual increase of 93 per cent in overall insolvency recommendations.

Credit cards and other personal loans have been partly to blame, with people turning to any money they can during the recession.

A great way to keep tabs on your spending is to use a prepaid credit cards.

Ones with visa or MasterCard logos are excepted in most places and can help you to manage finances better.

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