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Bankruptcy doubles over six years Bankruptcy doubles over six years
(2 days later)
The number of people becoming bankrupt in Wales has doubled in six years official figures indicate. The number of people becoming bankrupt in Wales has doubled in six years, official figures indicate.
According to insolvency statistics, in 2000 just over a 1,000 bankruptcy orders were made in Wales. According to insolvency statistics, in 2000 just over 1,000 bankruptcy orders were made in Wales.
But the latest figures are expected to show that by the end of 2006, that number will be in excess of 2,000 bankruptcies.But the latest figures are expected to show that by the end of 2006, that number will be in excess of 2,000 bankruptcies.
The Welsh Centre for Credit Counselling says it has seen debt inquiries leap from 1,000 a year to 6,000 in 2007.The Welsh Centre for Credit Counselling says it has seen debt inquiries leap from 1,000 a year to 6,000 in 2007.
The Liberal Democrat MP for Ceredigion, Mark Williams, who asked the UK's business secretary for a breakdown of insolvency figures in Wales, said he is becoming increasingly concerned by the issues. Ceredigion Liberal Democrat MP Mark Williams, who asked the UK government's business secretary for a breakdown of insolvency figures in Wales, said he was becoming increasingly concerned.
"This is a real problem and I think we have got to look at three particular areas," stressed Mr Williams."This is a real problem and I think we have got to look at three particular areas," stressed Mr Williams.
We've seen an increase of over 30% of clients for information on bankruptcy Joe McShane, Citizens Advice BureauWe've seen an increase of over 30% of clients for information on bankruptcy Joe McShane, Citizens Advice Bureau
"One is financial education, which to be fair to the government, it is now considering."One is financial education, which to be fair to the government, it is now considering.
"One is the issue of building and promoting independent advice in a far more positive way than we have done before."One is the issue of building and promoting independent advice in a far more positive way than we have done before.
"And thirdly, and most fundamental of all, we've got to look at the practices of loan sharks and the outrageous way they are able to operate.""And thirdly, and most fundamental of all, we've got to look at the practices of loan sharks and the outrageous way they are able to operate."
According to the Citizens Advice Bureau (CAB), consumer debt is a growing problem.According to the Citizens Advice Bureau (CAB), consumer debt is a growing problem.
"In Wales, we've seen a 20% increase in clients coming to CAB for help, and we've seen an increase of over 30% of clients for information on bankruptcy," said Joe McShane from CAB."In Wales, we've seen a 20% increase in clients coming to CAB for help, and we've seen an increase of over 30% of clients for information on bankruptcy," said Joe McShane from CAB.
'SPENDEMIC' 1 in 10 adults spend more than they earnNon-essential spending up 65% in last decadeSpend on holidays doubled since 1997Debt repayments up 104% since 1997Number of credit cards issues nearly doubled Source: Uswitch/ONS'SPENDEMIC' 1 in 10 adults spend more than they earnNon-essential spending up 65% in last decadeSpend on holidays doubled since 1997Debt repayments up 104% since 1997Number of credit cards issues nearly doubled Source: Uswitch/ONS
RepossessionsRepossessions
The housing charity Shelter said its own figures also showed that the number of borrowers struggling to meet mortgage repayments has soared by 700%, while the Financial Services Authority has already warned it expects home repossessions across the UK to rise by 50% in 2008.The housing charity Shelter said its own figures also showed that the number of borrowers struggling to meet mortgage repayments has soared by 700%, while the Financial Services Authority has already warned it expects home repossessions across the UK to rise by 50% in 2008.
However, Wales' Social Justice Minister, Dr Brian Gibbons insisted that the assembly government was determined to help educate the public about their personal finances. However, Wales' Social Justice Minister Brian Gibbons insisted that the assembly government was determined to help educate the public about their personal finances.
"In our schools we're trying to introduce changes in the curriculum so that young people will be better informed about how to use credit," said Dr Gibbons."In our schools we're trying to introduce changes in the curriculum so that young people will be better informed about how to use credit," said Dr Gibbons.
"We are trying to establish credit unions, for example, in all schools. We're trying to increase the use of credit unions in our communities across Wales so that people will be able to get access to savings."We are trying to establish credit unions, for example, in all schools. We're trying to increase the use of credit unions in our communities across Wales so that people will be able to get access to savings.
"And equally, we are taking action with the UK government on rogue lenders and people who are operating outside the system, loan sharks and so forth.""And equally, we are taking action with the UK government on rogue lenders and people who are operating outside the system, loan sharks and so forth."